As with other oil and gas projects that require a high crude price to break even, several oil sands projects have experienced delays and cancellations over the past 12 months. However, the production of oil sands in Canada is set to continue its path of growth, with plans for six new oil sands projects and the expansion of 11, according to research and consulting firm GlobalData.
Despite current low oil prices, the oil and gas industry in the Falkland Islands is continuing to go from strength to strength as its first project, Premier Oil’s Sea Lion, moves closer to commercialization, according to an analyst with research and consulting firm GlobalData.
The UK’s recent decision to implement a new policy giving the government final say over the outcome of planning applications and appeals for shale gas exploration and development further distinguishes it from other European countries, according to an analyst with research and consulting firm GlobalData.
Global gas processing capacity is projected to increase from approximately 458 billion cubic feet per day (bcfd) in 2015 to almost 516 bcfd by 2019, driven by a full slate of projects in the Middle East, North America and Asia, according to research and consulting firm GlobalData.
Global upstream oil and gas deal activity, including capital markets and Mergers and Acquisitions (M&A), totaled $19.3 billion from 125 transactions in June 2015, marking a $4.3 billion decrease in value from the $23.6 billion across 119 deals posted in May 2015, says research and consulting firm GlobalData.
Global oil and gas equipment and services deal activity, including capital markets and Mergers and Acquisitions (M&A), increased in overall value from $563.4 million across 29 deals in February 2015 to $3.2 billion from 38 transactions in March, a rise of over $2.6 billion, according to research and consulting firm GlobalData.
With oil prices falling to a four-year low, the development of two frontier basins in northwest Europe, the Barents Sea and the West of Shetland (WoS), is likely to be postponed and further progress will require cost reductions, according to an analyst with research and consulting firm GlobalData.
The US is forecast to spend approximately $4 billion on refining capacity expansion projects between 2014 and 2020, enabling the country to process its increasing volumes of unconventional resource production, says research and consulting firm GlobalData.
Canada is taking concrete action to ensure its ability to increase crude exports into both the Atlantic and Pacific basins with the development of new pipelines, says an analyst with research and consulting firm GlobalData.
Canada holds the largest crude oil deposits outside the Middle East, most of which are in the form of oil sands, and are expected to play a major role in supplying the world’s future energy requirements, states a new report by energy experts GlobalData.
