Insight
US Upstream: Five things to look for in 2017
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
2016 was yet another tumultuous year for the upstream oil and gas industry. WTI prices hovered near $45/bbl in H2 after bottoming out at $26/bbl in February, and benefited from an end-of-year boost above $50/bbl following a positive OPEC agreement in November. Most E&P operators managed to stay in the game through enhanced completion designs and drilling efficiency gains, rendering new drilling profitable. Rig counts have risen sharply since reaching a trough in May, with most new rigs drilling in the Permian. This Insight is our US Upstream Research team's set of predictions for 2017, presented graphically and primarily focused on the US upstream industry, but including thoughts on cost inflation, onshore and offshore drilling, unconventional supply, productivity gains and more.
Table of contents
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Service costs will increase in 2017, yet remain short of 2014 levels
- Year-on-year change of breakeven oil price for Midland Wolfcamp Deep Basin sub-play
- Productivity pauses as rigs rebound
- Onshore oil production grows again as rig counts continue to rise
- L48 zigs, GoM zags
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Risks to a 2017 recovery
- Service sector bites back
- Any "sweet spots" left?
- Slowing growth in demand
Tables and charts
This report includes the following images and tables:
- Productivity per foot in Lower 48 major tight oil plays
- 2017 US onshore crude oil production and rig count forecasts
- GoM 2017 production and capex outlook
- Lower 48 breakeven sensitivity to cost inflation by sub-play
- US Upstream: Five things to look for in 2017: Image 2
What's included
This report contains:
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