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Since the fall in oil prices in 2014, oil majors and international oil companies (IOCs) have accelerated a shift towards resource themes and regions offering higher returns, lower complexity and shorter timeframes, away from the more challenging regions such as Southeast Asia. To date, close to 800 million barrels of oil equivalent (boe) of the region's resources have left the hands of majors and IOCs.
Shale gas in China has seen significant progress over the last decade, growing to nearly 600 wells and 9 bcm of production last year. In its latest analysis, Wood Mackenzie projects Chinese shale gas production to almost double to 17 bcm in 2020.
A new study by Wood Mackenzie, examines this shift in the oil market, and assesses the challenges and opportunities facing the market and US producers and midstream operators.
According to Wood Mackenzie's latest analysis, decommissioning Asia Pacific's offshore assets – nearly 2,600 platforms and 35,000 wells – could cost over US$100 billion.
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.
OPEC and non-OPEC producers agree to extend production curbs through 2018
To mark the start of the India Energy Forum by CERA week, Wood Mackenzie analysts weigh in on the country's oil and gas outlook and production prospects.
Singapore –listed E&P company KrisEnergy today signed fiscal and technical agreements with the Royal Government of Cambodia for the Block A Apsara oil development.
If Asia's largest upstream players want to grow production, Wood Mackenzie expects them to diversify into the US tight oil market.
According to research by Wood Mackenzie, the APAC upstream sector holds considerable value as the majors divest mature and mid-life assets in the region.
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