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Oil Production and Volumes

- Conventional Field oil/NGLs

- Oil Sands and Heavy oils

- Shale/Tight Oils (STOs)

- BTLs, GTLs and CTLs

- Cumulative and Remaining Reserves

Water Depth Intervals

- 0-100 metres/100-500 metres

- 500-1000 metres

- 1000-2000 metres

- >2000 metres

Gas Production and Volumes

- Conventional sales gas

- Shale/Tight Gases (STGs)

- CBMs and CMMs

- Pipeline Gases and LNG

- Cumulative and Remaining Reserves

Drilled and Active Well Numbers

- Exploration and Appraisal wells

- Development wells

- Producing (Active) Wells

- Surface- and Subsea-completed wells

Oil and Gas Forecasts

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Datafiles

Excel files - low-cost histories and forecasts of production and wells in any category for all countries and regions

Jan 2019: Current highlights and beyond

Volumes - By the end of 2018 the world had consumed around 1,518 bn bbls of fossil oil and 119.6 tcm of natural gas. Volumes remaining to be produced (to the year 2100) are estimated at 1,724 bn bbls and 340.3 tcm respectively. These numbers assume that production continues unchecked, only influenced by market forces.

Oil production - Reaching 93.1 mm bbls of oil per day in 2018, global fossil oil production is forecast to rise to 94.4 mm bbls of oil per day in 2019, then to a maximum of 111.6 mm bbls of oil per day in 2029, again assuming business-as-usual market conditions.

Gas production - At 3.82 tcm in 2018, global gas production is forecast to rise to 3.94 tcm in 2019 and reach a maximum of 6.1 tcm by 2038. This number is the most likely scenario, involving rapid global demand growth (for electricity), oil replacement strategies and an increasing role for LNG.  

Current oil price - OPEC and its allies’ strategy to maintain oil production rates below capacity, along with cuts in Libya (due to unrest), Venezuela (lack of investment and sanctions) and Iran (sanctions) with only a minor stock build, led to reductions in available capacity in 2018 and a 29% Brent oil price increase to an average of $71 in 2018. It was $55 in 2017.

Forecast oil price - However, with US oil shales still poised to fill supply shortfalls, a period of market balance of benchmark prices is forecast, albeit with a volatile profile in the $55, upwards to $80 range, during 2019 and 2020 (with high points driven by political interventions, especially sanctions), followed by periods of greater volatility, then steep rises after the mid-2020s, as supplies dwindle elsewhere.

Onshore wells - Around 93,498 onshore wells were drilled in 2010, declining to 65,746 in 2017. Drilling levels rose in 2018 to 71,201. They are forecast to recover to a peak of 100,752 by 2033, short of the all-time high of 113,543 in 2008. The USA continues to dominate onshore activity. Shale wells will increase their global share, relative to conventional wells, from 11% in 2010, to 21% in 2018 and to 39% at peak in 2033.

Offshore wells - Around 3,097 offshore wells were drilled in 2010, declining to 2,389 in 2017. Drilling levels rose in 2018 to 2,647. They are forecast to recover to a peak of 3,917 by 2031; an all-time high. Deep water drilling will increase its share from 17% in 2018 to 34% at peak whilst exploration drilling will decline relative to development drilling.

Energy Shift - All companies engaged in the oil and gas industry as well as governments, utilities, and other energy users must invest in the most appropriate strategies and equipment, in the right places, to meet the volatile demand scenario that will precede an Energy Shift. Follow this Energy Shift link.

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