INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS CLICK TO VIEW

Table of Contents 2

List of Tables & Charts 3

Study Overview 4

Sample Text, Table & Chart 5

Sample Profile, Table & Forecast 6

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About Freedonia, photo courtesy of corporate press office Custom Research, Related Studies 8

World Upstream Oil & Gas Outlook

Industry Study with Forecasts for 2018 & 2023

Study #3197 | December 2014 | $6200 | 510 pages

The Freedonia Group 767 Beta Drive www.freedoniagroup.com Cleveland, OH • 44143-2326 • USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 Email: [email protected] Study #3197 December 2014 World Upstream Oil & Gas Outlook $6200 510 Pages Industry Study with Forecasts for 2018 & 2023

Table of Contents Crude Oil Outlook...... 177 Ensco plc ...... 423 Natural Gas Outlook...... 179 ...... 425 Wells & Rigs...... 181 EOG Resources...... 428 Executive Summary Unconventional Resource Development...... 182 Eurasia Drilling...... 430 Australia...... 183 Exxon Mobil...... 432 China...... 194 OAO...... 440 Market EnvironmenT ...... 208 Company...... 444 General ...... 4 ...... 218 Helmerich & Payne...... 448 World Economic Overview...... 5 Thailand...... 228 ...... 450 Recent Historical Trends...... 6 Other Asia/Pacific...... 235 Loews Corporation...... 454 World Economic Outlook...... 7 OAO...... 456 World Demographic Outlook...... 10 Nabors Industries...... 460 World Oil & Gas Outlook...... 12 CENTRAL & SOUTH AMERICA Noble Corporation...... 464 World Crude Oil Outlook...... 15 General ...... 244 Oil Company...... 465 Reserves & Exploration...... 16 Crude Oil Outlook...... 245 Patterson-UTI Energy...... 467 Demand...... 22 Natural Gas Outlook...... 247 Petróleo Brasileiro...... 469 Production...... 24 Wells & Rigs...... 249 Petróleos Mexicanos...... 474 Crude Oil Pricing Patterns...... 27 Unconventional Resource Development...... 251 Precision Drilling...... 475 World Natural Gas Outlook...... 29 ...... 252 Oil...... 477 Reserves & Exploration...... 30 Brazil...... 266 ...... 483 Demand...... 34 ...... 278 Saudi Arabian Oil...... 490 Production...... 35 ...... 287 Limited...... 492 Natural Gas Pricing Patterns...... 38 Other Central & South America...... 299 Limited...... 496 ...... 498 OVERVIEW AFRICA/MIDEAST Weatherford International...... 500 General ...... 40 General ...... 307 Whiting Petroleum...... 503 Producing Wells Overview...... 41 Crude Oil Outlook...... 308 Other Companies Mentioned in the Study...... 505 Wells Drilled Overview...... 46 Natural Gas Outlook...... 310 Active Rigs Overview...... 49 Wells & Rigs...... 312 Technology Overview...... 52 Unconventional Resource Development...... 314 Exploration...... 52 Kuwait...... 315 Drilling ...... 54 Oman...... 323 List of Tables/Charts Completion...... 56 ...... 331 Unconventional Resource Development...... 59 Other Africa/Mideast...... 338 & Gas...... 61 Executive Summary Shale Formations...... 62 1 Summary Table...... 3 Coalbed Methane...... 63 INDUSTRY STRUCTURE & Extra Heavy Crude...... 64 General ...... 347 Environmental & Regulatory Issues...... 65 International Oil Companies...... 348 Market EnvironmenT National Oil Companies...... 349 1 World Gross Domestic Product by Region...10 Other E&P Companies...... 350 2 World Population by Region...... 12 NORTH AMERICA E&P Contractors & Suppliers...... 351 3 World Oil & Gas Production by Region...... 14 General ...... 69 Oilfield Service Companies...... 351 Cht World Oil & Gas Production, 2013...... 15 Crude Oil Outlook...... 70 Contract Drilling Companies...... 352 4 World Crude Oil Proved Reserves Natural Gas Outlook...... 72 Other Product & Service Providers...... 353 by Country, 2013...... 20 Wells & Rigs...... 74 Competitive Strategies...... 353 Cht World Crude Oil Proved Reserves Unconventional Resource Development...... 76 Acquisitions & Divestitures...... 355 by Country, 2013...... 21 ...... 78 Cooperative Agreements...... 365 Cht World Technically Recoverable Shale ...... 95 Capital Spending...... 378 Oil Reserves by Country, 2013...... 21 ...... 111 Research & Development...... 379 5 World Petroleum Demand by Region...... 24 6 World Crude Oil Field Production by Region...... 26 EUROPE Company Profiles Cht World Crude Oil Field Production, 2013.....27 General ...... 128 AlMansoori Specialized Engineering...... 382 Cht Average Annual Crude Oil Crude Oil Outlook...... 131 Anadarko Petroleum...... 383 Spot Prices, 2003-2013...... 29 Natural Gas Outlook...... 133 Apache Corporation...... 385 7 World Natural Gas Proved Wells & Rigs...... 135 ...... 389 Reserves by Country, 2013...... 32 Unconventional Resource Development...... 137 BP plc...... 392 Cht World Natural Gas Proved Reserves ...... 138 CAT oil AG...... 399 by Country, 2013...... 33 North Sea Countries...... 155 Chesapeake Energy...... 400 Cht World Technically Recoverable Other Europe...... 167 ...... 403 Reserves by Country, 2013...... 33 China National Offshore Oil...... 409 8 World Natural Gas Demand by Region...... 35 China National Petroleum...... 415 9 World Natural Gas Production by Region....37 ASIA/PACIFIC China Petroleum & Chemical...... 420 General ...... 176 (continued on following page)

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List of Tables/Charts 13 Other Europe: Natural Gas 15 Colombia: Selected Unconventional (continued from previous page) Supply & Demand...... 172 Resource Plays...... 286 14 Other Europe: Wells & Rigs...... 173 16 Venezuela: Crude Oil Supply & Demand.. 290 Cht World Natural Gas Production 15 Other Europe: Selected Unconventional 17 Venezuela: Natural Gas by Region, 2013...... 37 Resource Plays...... 175 Supply & Demand...... 292 Cht , 2003-2013...... 39 18 Venezuela: Wells & Rigs...... 295 19 Venezuela: Selected Unconventional ASIA/PACIFIC Resource Plays...... 298 OVERVIEW 1 Asia/Pacific: Crude Oil 20 Other Central & South America: 1 World Producing Wells by Supply & Demand...... 179 Crude Oil Supply & Demand...... 301 Region & Resource...... 45 2 Asia/Pacific: Natural Gas 21 Other Central & South America: Cht World Producing Wells by Region, 2013.....45 Supply & Demand...... 180 Natural Gas Supply & Demand...... 303 2 World Wells Drilled by Region & Trajectory 48 3 Asia/Pacific: Wells & Rigs...... 182 22 Other Central & South America: Cht World Wells Drilled by Region, 2013...... 48 4 Australia: Crude Oil Supply & Demand.... 186 Wells & Rigs...... 305 3 World Active Drilling Rigs 5 Australia: Natural Gas Supply & Demand 188 by Region & Location...... 51 6 Australia: Wells & Rigs...... 191 Cht World Active Drilling Rigs 7 Australia: Selected Unconventional AFRICA/MIDEAST by Region, 2013...... 51 Resource Plays...... 193 1 Africa/Mideast: Crude Oil 8 China: Crude Oil Supply & Demand...... 198 Supply & Demand...... 310 9 China: Natural Gas Supply & Demand..... 201 2 Africa/Mideast: Natural Gas NORTH AMERICA 10 China: Wells & Rigs...... 203 Supply & Demand...... 312 1 North America: Crude Oil 11 China: Selected Unconventional 3 Africa/Mideast: Wells & Rigs...... 314 Supply & Demand...... 72 Resource Plays...... 205 4 Kuwait: Crude Oil Supply & Demand...... 318 2 North America: Natural Gas 12 India: Crude Oil Supply & Demand...... 211 5 Kuwait: Natural Gas Supply & Demand... 320 Supply & Demand...... 74 13 India: Natural Gas Supply & Demand..... 213 6 Kuwait: Wells & Rigs...... 322 3 North America: Wells & Rigs...... 76 14 India: Wells & Rigs...... 215 7 Oman: Crude Oil Supply & Demand...... 326 4 United States: Crude Oil 15 India: Selected Unconventional 8 Oman: Natural Gas Supply & Demand..... 328 Supply & Demand...... 81 Resource Plays...... 217 9 Oman: Wells & Rigs...... 330 5 United States: Natural Gas 16 Indonesia: Crude Oil Supply & Demand.. 221 10 Saudi Arabia: Crude Oil Supply & Demand...... 84 17 Indonesia: Natural Gas Supply & Demand...... 334 6 United States: Wells & Rigs...... 87 Supply & Demand...... 223 11 Saudi Arabia: Natural Gas 7 United States: Selected Unconventional 18 Indonesia: Wells & Rigs...... 225 Supply & Demand...... 335 Resource Plays...... 89 19 Indonesia: Selected Unconventional 12 Saudi Arabia: Wells & Rigs...... 337 8 Canada: Crude Oil Supply & Demand...... 99 Resource Plays...... 227 13 Other Africa/Mideast: Crude Oil 9 Canada: Natural Gas Supply & Demand... 102 20 Thailand: Crude Oil Supply & Demand.... 230 Supply & Demand...... 342 10 Canada: Wells & Rigs...... 105 21 Thailand: Natural Gas Supply & Demand 232 14 Other Africa/Mideast: Natural 11 Canada: Selected Unconventional 22 Thailand: Wells & Rigs...... 234 Gas Supply & Demand...... 343 Resource Plays...... 107 23 Other Asia/Pacific: Crude Oil 15 Other Africa/Mideast: Wells & Rigs...... 345 12 Mexico: Crude Oil Supply & Demand...... 117 Supply & Demand...... 238 13 Mexico: Natural Gas Supply & Demand... 120 24 Other Asia/Pacific: Natural Gas 14 Mexico: Wells & Rigs...... 123 Supply & Demand...... 240 INDUSTRY STRUCTURE 15 Mexico: Selected Unconventional 25 Other Asia/Pacific: Wells & Rigs...... 242 1 Selected Acquisitions & Divestitures...... 358 Resource Plays...... 127 2 Selected Cooperative Agreements...... 367 3 Capital Expenditures: Selected CENTRAL & SOUTH AMERICA Oil & Gas Companies, 2013...... 379 EUROPE 1 Central & South America: Crude 4 Apache Net Wells Drilled...... 388 1 Europe: Crude Oil Supply & Demand...... 133 Oil Supply & Demand...... 247 5 Apache Gross Producing Wells 2 Europe: Natural Gas Supply & Demand... 135 2 Central & South America: Natural by Type & Location...... 388 3 Europe: Wells & Rigs...... 137 Gas Supply & Demand...... 249 6 BP Net Wells Drilled...... 397 4 Russia: Crude Oil Supply & Demand...... 143 3 Central & South America: Wells & Rigs... 251 7 BP Gross Producing Wells 5 Russia: Natural Gas Supply & Demand.... 146 4 Argentina: Crude Oil Supply & Demand... 255 by Type & Location...... 398 6 Russia: Wells & Rigs...... 149 5 Argentina: Natural Gas 8 CNOOC Limited Net Wells Drilled...... 413 7 Russia: Selected Unconventional Supply & Demand...... 257 9 CNOOC Limited Gross Producing Resource Plays...... 154 6 Argentina: Wells & Rigs...... 259 Wells by Type & Location...... 414 8 North Sea Countries: Crude Oil 7 Argentina: Selected Unconventional 10 Exxon Mobil Net Wells Drilled...... 438 Supply & Demand...... 159 Resource Plays...... 265 11 Exxon Mobil Gross Producing 9 North Sea Countries: Natural Gas 8 Brazil: Crude Oil Supply & Demand...... 269 Wells by Type & Location...... 439 Supply & Demand...... 161 9 Brazil: Natural Gas Supply & Demand..... 271 12 Petróleo Brasileiro Net Wells Drilled...... 472 10 North Sea Countries: Wells & Rigs...... 163 10 Brazil: Wells & Rigs...... 273 13 Petróleo Brasileiro Gross Producing 11 North Sea Countries: Selected 11 Brazil: Selected Unconventional Wells by Type & Location...... 473 Unconventional Resource Plays...... 166 Resource Plays...... 277 14 Royal Dutch Shell Net Wells Drilled...... 488 12 Other Europe: Crude Oil 12 Colombia: Crude Oil Supply & Demand... 281 15 Royal Dutch Shell Gross Producing Supply & Demand...... 170 13 Colombia: Natural Gas Supply & Demand 282 Wells by Type & Location...... 489 14 Colombia: Wells & Rigs...... 284

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Although a sharp decline in oil prices in late 2014 will likely have a restraining effect on the up- stream industry in the short term, opportunities will remain worldwide, especially for natural gas.

World activity to remain at high level through 2018 World Wells Drilled, 2018 North America (115,500) World upstream oil and gas activity is expected to remain at a high level in coming years, with the annual number of wells drilled increasing to over 115,000 in 2018. Although a sharp decline in oil prices in late 2014 will likely have a restraining effect on the upstream industry in the short term, global eco- nomic growth and continuously improv- ing technology will support energy Asia/Pacific demand and investment in oil and gas projects. Some of the best upstream opportunities will be for natural gas, which presents a comparatively imma- Europe ture but gradually globalizing market. Other Regions Advances in technology driving growth in drilling countries as well. However, while tight industries. More rapid growth will be The average number of active drilling gas, coalbed methane, and oil sands evident in a small number of other rigs worldwide is forecast to rise mod- resources have become important to the countries, primarily concentrated in Asia estly through 2018, trailing growth in the world’s , the prospects for and the Middle East, where favorable number of wells drilled annually as large scale shale drilling remain modest resource opportunities and the availabil- improving technology results in increas- outside of North America. Even so, ity of investment capital will stimulate ing rig efficiency. Technologies such as promising resource plays exist through- upstream activity. Drilling activity in multi-well pad drilling, highly mobile rigs, out the world, and countries such as Europe will moderate, as Russia’s and measurement-while-drilling will all Argentina, Australia, and China are upstream industry is hampered by improve rig efficiency, although the expected to hold the best unconventional economic sanctions targeting the growth of horizontal drilling and longer opportunities in the next several years. country’s oil and gas industry, and the well laterals will offset this somewhat. mature and declining nature of the North North America to remain Sea limits both the availability and Much of the progress in exploiting shale profitability of new field development gas and tight oil reserves in the US has dominant drilling region opportunities there. Similarly, a combina- resulted from advances in technology, In regional terms, drilling activity will tion of above- and below-ground factors including horizontal drilling and hydraulic remain concentrated in North America, will hold back overall growth in Central fracturing. As such, there is significant where both the US and Canada possess and South America, despite some potential for the US’s success in uncon- among the world’s most active upstream opportunities in Argentina and Colombia. ventional oil and gas to spread to other Copyright 2014 The Freedonia Group, Inc.

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Sample TABLE VI-10

Text & Tables CHINA: WELLS & RIGS

Item 2003 2008 2013 2018 2023

Oil & Gas Production (quadrillion Btu) 8.5 10.9 13.0 15.6 18.4 bil Btu/well 93.2 98.6 103.5 104.7 109.5

africa/mideast Producing Wells (000) 91.2 110.5 125.6 149.0 168.0 Oil 72.2 71.5 71.6 74.0 76.0 Oman: Wells & Rigs Gas 19.0 39.0 54.0 75.0 92.0 Upstream activity in Oman increased significantly between 2003 and 2008 and remained elevated through 2013 in terms of wells drilled,Wells Drilled 12930 22770 19350 23000 24000sample although the number of active rigs actually declined slightly after 2008. Horizontal 250 700 1850 3100 4600 Growth in the number of wells drilled annually resulted from a mod Vertical - 12680 22070 17500 19900 19400table est increase in exploration and the undertaking of EOR projects which involved drilling new wells. Through 2018, activity is expected toDrilling Rigs 625 890 845 910 960 continue to increase, driven by the Khazzan gas project and several other Onshore 615 870 825 890 935 investments that will be made to offset declines in Oman’s generally Offshore 10 20 20 20 25 mature oil and gas fields.

An average of 53 drilling rigs were active in Oman during 2013. These were almost entirely onshore rigs. Through 2018, the number of active rigs is forecast to increase by about 10, rising to 64 rigs in that year. Drilling will continue to occur mostly in the country’s mature con- ventional oil and gas fields, such as thesa Nimrm pleand Yibal, and a significant number of wells drilled will be associated with EOR projects. Drilling efficiency, in terms of wells drilled per rig,te hasx tincreased substantially in Oman over the past decade as the technology and practices employed by PDO and other operators have improved. Additionally, much of the drilling in Oman’s mature fields occurs in relatively shallow formations. However, the country’s plans to drill deep horizontal gas wells over 10,000 feet in vertical depth will increase the number of rigs necessary to TABLE VI-13 achieve a given target of total wells drilled in a year. INDIA: NATURAL GAS SUPPLY & DEMAND There were over 8,000 producing wells active in Oman in 2013, (trillion cubic feet) with the bulk of these oil wells. (Additionally, Oman’s oil and gas in- dustry operates a large number of non-productive wells -- e.g., injection Item 2003 2008 2013 2018 2023 wells -- in support of its secondary recovery and EOR efforts.) This is a significantly larger number of wells than that in some other countries in the Middle East such as Kuwait and Saudi Arabia, even thoughGross Oman Domestic Product (bil 2012$) 3100 4556 6351 8615 11920 produces much less oil and gas than these nations. Oman’s regionally cu ft gas/$ GDP 0.31 0.33 0.29 0.28 0.26

328 Copyright 2014 The FreedoniaNatural Group, Inc. Gas Consumption 0.96 1.52 1.82 2.41 3.09

net exports 0.00 -0.38sa m-0.63ple -0.75 -1.23

Natural Gas Production 0.96 1.14ta 1.19ble 1.66 1.86

% India 6.3 5.7 5.2 6.0 5.8 Asia/Pacific Natural Gas Production 15.2 19.9 22.7 27.8 32.1

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Sample Profile, TABLE VII-16 Table & Study VENEZUELA: CRUDE OIL SUPPLY & DEMAND (million barrels) Coverage Item 2003 2008 2013 2018 2023

Gross Domestic Product (bil 2012$) 272 446 472 509 573 barrels oil/mil $ GDP 724 706 606 580 532

Petroleum Consumption 197 315 286 295 305 sample net exports 655 584 554 555 580 table Crude Oil Production 852 899 840 850 885

% Venezuela 39.4 38.8 34.2 33.9 33.7 COMPANY PROFILES Central/South America Oil Production 2160 2320 2455 2510 2625

LUKOIL OAO 11 Sretensky Boulevard Moscow 101000 Russia 7-495-627-4444 http://www.lukoil.com Sales: $141.5 billion,s includingample excise and export tariffs (2013) Geographic Sales: (2013, as percent of total) Russia 19% and Other Countries 81% profile STUDY Employment: 109,600 (2013) COVERAGE Key Services: crude oil and natural gas exploration, development, and production World Upstream Oil & Gas Outlook is a Freedonia study that LUKOIL is a leading vertically integrated Russian oil and gas presents historical data (2003, company. The Company’s primary activities include oil and gas explo- ration and production, crude oil refining, and the production and sale of 2008, 2013) plus forecasts (2018, petroleum products. LUKOIL operates in five segments: Exploration 2023) for supply and demand of and Production; Refining, Marketing, and Distribution; Power Genera- crude oil and natural gas, as well tion; Chemicals; and Other. as wells and rigs in 5 regions and The Company is active in the world oil and gas industry through 16 countries. The study also details the Exploration and Production segment, which had 2013 total sales key market environment factors, of $46.5 billion, of which external sales accounted for $2.9 billion and intersegment sales represented $43.6 billion. The segment is involved analyzes wells played by type and in the exploration, development, and production of crude oil and location, reviews industry structure, natural gas. In 2013, LUKOIL produced 683.8 million barrels of crude and profiles 37 industry players. oil and natural gas liquids. LUKOIL maintains oil and gas exploration, development, and production operations in Europe, the Africa/Mideast region, the Asia/Pacific region, and South America.

456 Copyright 2014 The Freedonia Group, Inc.

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Page 7 INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS

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