Falling Oil Prices

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  1. Liquid resources discovered in 2016 much lower than in 2010, report finds

    Offshore staff OSLO, Norway – New research released by Rystad Energy concluded that liquid resources discovered offshore in 2016 totaled just below 2.3 Bbbl, a figure 90% lower than in 2010. This drop is most significant to the overall decline in discovered volumes; in fact, total global discovered volumes (oil and gas combined) are at an all-time low since the 1940s. In 2016, the average liquid content in the discovered resources was about 40%. Even more tellingly, the replacement ratio for liquids in 2016 was below 10%. For comparison, the replacement ratio for liquids in 2013 was as high as ~30%. The analyst noted that the replacement ratio measures the amount of discovered resources during the year relative to the amount of liquids product in the same year globally. It disregards the production start-up date for the discoveries. Rystad Energy provided some analysis around a few key countries that it believed influenced offshore discovered liquids development: Brazil – The country experienced a new golden age thanks to multi-billion-barrel discoveries made in the beginning of this decade. Among the largest discoveries, Lula (formerly known as Tupi), Libra, and Buzios stand out. Combined, these discoveries hold around 20 Bbbl of liquids. All of the large discoveries made in Brazil in the past decade are located in the large presalt basins, especially Santos and Campos. However, the success story from 2010 did not repeat itself as 2016 approached. This is believed to be due to a combination of factors such as limited capital to develop projects that were previously discovered, or local content regulations, among others. Norway – Exploration on the Norwegian continental shelf (NCS) showed disappointing results in 2015 and 2016, with no discovery surpassing 100 MMbbl of resources. In fact, since the discovery of Johan Sverdrup in 2011, there has not been another sizeable discovery made on the NCS, the firm reported. Exploration results were particularly discouraging given the number of exploration wells in the region, which had remained relatively stable within the range of 45 to 65 wells per year, since 2010. US – In the Gulf of Mexico, the discovered volumes have remained relatively stable compared to the development in other offshore regions. Russia – In Russia, the largest discovery in the past years was Universitetskaya , discovered in 2014. This discovery could potentially hold more than 2.3 Bbbl of resources, of which about1 Bbbl are liquids alone. Russia continues to be dependent on foreign technologies to be able to develop its offshore discoveries, especially in the Arctic areas. At the same time, exploration activities off Arctic regions are currently on hold due to sanctions and, generally, a decreased interest in the investment-heavy exploration due to the low oil price. Angola – The past five years have been positive for Angola in terms of exploration results. In 2016, there were three significant discoveries made: Golfinho (operated by Cobalt International Energy), being the only large oil discovery; and Katambi and Zalophus (operated by BP and Cobalt International Energy, respectively), being the largest gas discoveries. Guyana – Exploration results in Guyana were particularly encouraging in 2015, with a 1-Bbbl discovery. Liza was the largest oil offshore discovery that year, representing ~30% of the total offshore discovered liquids in 2015. Rystad Energy expects the exploration activity to slowly pick up from 2018, allowing for more discoveries toward the end of this decade and beyond. At the same time, some of the recent license awards could open new prospective exploration regions, e.g. the deepwater license award in Mexico . 01/19/2017  

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    Thu, 19 Jan 2017

  2. Subsea Tieback Forum to feature operator-focused program

    The 17 th annual Subsea Tieback Forum & Exhibition takes place March 21-23, at the Henry B. Gonzalez Convention Center in San Antonio, Texas.

    Online Articles

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    Thu, 19 Jan 2017

  3. 2016 offshore discovered liquids resources were 90% lower than in 2010

    Rystad Energy concludes that the 2016 total offshore discovered liquids resources reached only slightly below 2.3 billion bbl, 90% lower than in 2010.

    Online Articles

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    Wed, 18 Jan 2017

  4. Renewable Energy: Military's shift away from oil clashes with Trump's promises

    At a sprawling desert base, a Marine recharged his radio's batteries simply by walking, while nearby fellow troops examined a rocket artillery system and a drone — both powered by the sun.

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    Tue, 17 Jan 2017

  1. OGUK: Major tax changes urgently needed

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    Tue, 13 Jan 2015

  2. Oil and Gas News: Petroleum Equity and RAG to acquire Kimmeridge GmbH

    Petroleum Equity, an alternative investment firm focused on upstream oil and gas, primarily in Europe, and leading European E&P business RAG announced their acquisition of Kimmeridge GmbH from the U.S. private equity firm Kimmeridge Energy.

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    Tue, 13 Dec 2016

  3. Falling oil prices could lead consumers to spend more later

    Sinking oil prices have cratered the stock market. But a silver lining could appear eventually.

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    Fri, 22 Jan 2016

  4. DW: Sustained low oil price sinks deepwater projects, with 2016-2020 deepwater spend to total $137B

    Douglas-Westwood (DW) forecasts deepwater expenditure to total $137 billion between 2016 and 2020. This represents a 35% decline compared to DW’s previous edition of the deepwater forecast issued March 2015.

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    Tue, 8 Mar 2016

  5. Wood Mackenzie: Low oil price accelerating decommissioning in the UKCS

    A high oil price has enabled operators to extend field life and delay decommissioning time and time again on the UK Continental Shelf; however, the current low oil price has brought into stark relief that this cannot continue indefinitely, concludes a new analysis by Wood Mackenzie.

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    Wed, 9 Sep 2015

  6. Offshore Europe: Low oil price accelerating decommissioning in the UKCS

    140 fields to cease production over the next five years.

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    Wed, 9 Sep 2015

  7. Operators turn to robotic drilling, other innovations to battle low oil price

    Low oil prices are driving operators toward innovations from robotic drilling to advanced seismic imaging, as they restructure and streamline operations in order to cut down nonproductive time and shave costs, according to Lux Research.

    Online Articles

    Online Articles

    Tue, 6 Oct 2015

  8. Falling Oil Prices May Be a Good Thing … For Some

    Down cycles always lead to change and we believe that the current cycle will leave many oil companies stronger and better prepared for the future.  

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    Tue, 16 Jun 2015

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