World trends: Improving fortunes restore upstream health

Journal Article · Thu Aug 01 04:00:00 EDT 1996 · World Oil

OSTI ID:390087

After a decade of recovery from the oil price collapse of 1986, the global upstream industry appears headed for a period of renewed strength and growth. Underpinning the prosperity is steady unrelenting growth in crude demand. Stronger global crude demand and heavy natural gas usage in the US are driving higher prices. Operators are reacting to better prices with larger drilling programs. Also boosting drilling levels are crude production expansion projects that many countries have underway in response to perceived future demand. Not surprisingly, World Oil`s outlook calls for global drilling to rise 4.5% to 60,273 wells, a second straight annual increase. Better US activity is helping, but so are stronger-than-expected numbers in Canada. Meanwhile, World Oil`s 51st annual survey of governments and operators indicates that global oil production rose 1.4% last year, to 62,774 million bpd. That was not enough, however, to keep up with demand. The paper discusses financial performance, business practices, other factors, and operating outlook. A table lists the 1996 forecasts, estimated wells drilled in 1995, and total wells and footage drilled in 1994 by country. A second table lists global crude and condensate production and wells actually producing in 1995 versus 1994.

• OSTI ID: 390087
• Journal Information: World Oil, Journal Name: World Oil Journal Issue: 8 Vol. 217; ISSN 0043-8790; ISSN WOOIAS
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
COMPILED DATA
ECONOMICS
ENERGY SUPPLIES
FORECASTING
GAS CONDENSATES
PETROLEUM
PETROLEUM INDUSTRY
PRICES
WELL DRILLING