WoodMac: Asia oil production to fall by 1 million b/d by 2020

Asian oil production is declining at a faster rate than other regions worldwide, and China accounts for about half of the anticipated decline, Wood Mackenzie Ltd. said.

“We estimate 2016 production of 7.5 million b/d will fall by over 1 million b/d by 2020,” said Angus Rodger, WoodMac’s Asia-Pacific upstream research director.

Rodger said the region’s output has been falling by about 7%/year since the oil-price slump started in late 2014.

Meanwhile, oil demand is growing in China and India. China reported that imported crude accounted for 64% of the country’s demand in 2016.

Asia’s biggest oil producers are China, Indonesia, Malaysia, and Thailand. Giant, mature fields in Indonesia, Malaysia, and China will underpin regional production, but these fields require expensive techniques, Rodger said in a video posted on the WoodMac web site.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...