Forecast
News
October 16, 2024
Enverus industry analysts have released a summary of 3Q24 upstream M&A activity, with the pace of deals significantly slowing in the third quarter of 2024 to just $12 billion in announced deals.
News
October 15, 2024
Oil prices dropped and concerns over supply chain disruption were eased Tuesday after a report that Israel may avoid targeting Iran’s crude infrastructure. Traders’ focus is now turned back to the International Energy Agency’s expectations of a surplus early next year.
News
October 14, 2024
OPEC trimmed its forecasts for oil demand growth this year and next for a third consecutive month as the group belatedly recognizes a slowdown in global fuel use.
News
October 11, 2024
bp Plc expects its net debt to have risen in the third quarter due to lower refining margins and changes to the timing of asset sales.
News
October 07, 2024
Mike Sommers, president and CEO of the American Petroleum Institute (API), addressed the New Mexico Oil and Gas Association in Santa Fe today, emphasizing the critical role of U.S. energy security amid rising global tensions.
Article
September 2024
Optimism is slowly returning to the Canadian oil and gas sector, as global economic forces finally appear to be outpacing the misguided climate policies of the nation’s beleaguered federal government.
Article
September 2024
After a year of upstream growth and success in 2023, operators are reducing costs, rig activity and drilling time in an effort to boost domestic energy security while returning cash to shareholders.
News
September 13, 2024
The Texas Alliance of Energy Producers (the Alliance) board of directors has appointed Karr Ingham as the organization’s new president, effective July 1, 2024.
News
June 18, 2024
Improvements in drilling and fracking techniques amid a wave of corporate takeovers will drive the expansion and more than offset recent reductions in rig deployments, analysts at the the London-based bank wrote in a note titled ‘Underestimate U.S. shale at your peril.’
News
May 02, 2024
The offshore energy industry is taking a significant step toward understanding and protecting endangered seabirds with the launch of the Offshore Nesting Bird Census.
News
April 14, 2024
In its first forecast for 2025, the Paris-based IEA predicted demand growth of 1.1 MMbpd in 2025. It also trimmed its estimate for this year’s expansion in consumption by 130,000 bpd to 1.2 MMbpd. The agency’s growth estimate is below the 1.9 MMbpd predicted by world’s largest independent oil trader, Vitol Group, and about 1 MMbpd less than the increase foreseen by OPEC.
Article
February 2024
Wildcat wells netting smaller discoveries
Article
February 2024
As operator spending shifts away from the U.S., six of eight regions will post drilling increases. That being said, some areas—Middle East, Africa and South America—will do better than others, and most gains registered will be modest.
Webcast
Oil & Gas Forecast 2024
February 15, 2024
Energy Workforce & Technology Council
Now in its 98th year, the World Oil Forecast is one of the upstream oil and gas industry's most trusted sources of projections and data relating to global E&P activity. Utilizing data collected from proprietary surveys of governments and operators in the U.S. and worldwide, this definitive industry report includes projections for spending and activity, worldwide drilling and production, and an analysis of political factors impacting the U.S. and international oil and gas industry. Now, more than ever this information will help market leaders make decisions relating to their businesses.
News
July 24, 2023
Chevron Corp.’s board is waiving the mandatory retirement age for CEO Mike Wirth, giving the company more time to find a successor as it notches record production from the world’s most prolific shale basin.
Article
February 2023
Drilling and production are set to experience gains in most regions during 2022, as operators seek to balance development of new supplies with global demand.
Article
February 2023
Proved reserves of natural gas reported by operators established a new record in the United States in 2021, while proved U.S. reserves of oil increased but did not quite return to pre-pandemic levels.
Article
February 2023
Although spending will decelerate in North America, the 2023 forecast for a 19% U.S. capex increase follows a near-record 46% gain in 2022. U.S. drilling will increase 8.2%, with total footage forecast to climb 8.7%, to 289 MMft of hole.
Article
February 2023
Coming off a strong rebound year, the Canadian oil patch is on an upward trend, with strong prices and increased spending. But political uncertainty continues to cast a pall over any long-term optimism.
Article
February 2023
The razor-thin Republican House majority must protect the upstream industry for two years from the Biden administration’s increasingly harmful federal policies.
Article
February 2023
Drilling activity increased 51.3% on an average yearly basis, driving U.S. crude production up to 11.9 MMbopd in 2022, a 6.4% increase compared to the 11.2 MMbopd averaged during 2021.
