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The U.S. deepwater Gulf of Mexico sector has struggled since crude dropped in late 2014. However, as costs finally settle at a bottom and operators set a new standard for operational efficiency, 2018 might just be a turning point for the sector.
The impact of the 2014 oil price collapse is still being felt across the upstream sector. Operators have cut investment, deferred projects and implemented tough cost discipline, slashing US$910 billion from global capital expenditure estimates for 2015-2020. While many operators believe the cuts will stick, a new survey released today by natural resources consultancy Wood Mackenzie indicates the pictured is more nuanced.
2018 looks set to be a brighter year for upstream oil and gas companies
OPEC and non-OPEC producers agree to extend production curbs through 2018
TransCanada receives regulatory approval from the Nebraska Public Service Commission to proceed with building its Keystone XL pipeline after almost a decade of environmental and regulatory hurdles.
The Trump administration has been championing US energy exports as its preferred instrument for narrowing its trade deficit in the wake of the US shale boom. A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades. Will Trump's trip to Beijing seal the deal for some major LNG deals?
Chinese companies can now negotiate long-term contracts to source liquefied natural gas from US suppliers, the US Commerce Department said.
If Asia's largest upstream players want to grow production, Wood Mackenzie expects them to diversify into the US tight oil market.
Those hoping that recent oil-price weakness will prompt US producers to pull back drilling activity and ease the glut of oil supply may need to keep waiting.
Gas demand may be nearing a new peak due to stringent fuel efficiency standards and shifting demographics.
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