• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 2 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 20 mins The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 12 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 9 hours Cost of oil
  • 5 hours Democrats and Gun Views
  • 19 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 2 hours USAvChina.com
  • 19 hours Trump Orders Biofuel Boost
  • 14 hours Iran says tanker oil sold at sea, buyer sets destination
  • 5 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 1 hour Iran in the world market
  • 23 hours Green New Deal Preview in Texas Town
  • 20 hours “Who’s going to bail out the Central Banks?”
Has Bolton’s Firing Burst The Oil Price Bubble?

Has Bolton’s Firing Burst The Oil Price Bubble?

Oil prices fell significantly on…

New Oil, Gas Project Approvals To Triple This Year: Rystad

Offshore rig

The number of greenfield oil and gas projects to get their final investment decision could rise threefold on 2018, Norwegian energy consultancy Rystad Energy has forecast. Most of these will be offshore projects, the author of the study, upstream analyst Readul Islam said.

The number, which only covers conventional oil and gas deposits, could open up production reserves to the tune of 46 billion barrels of oil and gas, including around 14 billion barrels of oil equivalent in deepwater blocks, some 20 billion barrels in shallower waters, and the rest in onshore deposits, Islam said.

The analyst noted “The only supply segment likely to shrink this year is the oil sands, whereas deepwater, offshore shelf and other conventional onshore developments are all poised to show substantial growth. From a geographical perspective, all regions are headed for robust growth except Europe and North America, still bearing in mind that shale plays are not included in these numbers.”

The forecast includes a lot of projects whose final investment decision was delayed because of the 2014 oil price crash, indicating that oil and gas companies have now managed to bring their costs down enough to make these large-scale projects commercially viable. About a quarter of the projects expected to receive a FID this year are ones that have been delayed because of the 2014 slump in oil prices.

Yet there is no certainty that all of these projects will receive their final go-ahead this year. A sharp fall in oil prices could once again put the brakes on many greenfield projects. However, others will go ahead, including a number of liquefied natural gas projects in Africa, Russia, and Australia. In oil, Saudi Arabia will account for about one-fifth of the total new reserves to be tapped this year with the expansion of three offshore projects: Marjan, Zuluf, and Berri.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play