01.03.2017

30 minutes of reading

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IFPEN analyses in this study the 2016 evolution of global investment in the field of exploration-production and refining.

SUMMARY

Trends in oil and gas prices

  • Is recovery in sight, or is another crisis coming?
  • OPEC and shale oil: and the winner is…?
  • Natural gas prices are expected to rise in 2017

Investment in exploration/production: in sharp decline for the second consecutive year - the first time this has happened since 1986

  • Another sharp decline in investment in 2016 
  • Contrasting trends from region to region

The global drilling market

  • Onshore and offshore drilling
  • The global drilling and services market

Geophysical: global activity and markets

  • Geophysical activity
  • The global geophysical market

Offshore construction: market and business

  • Offshore construction and services
  • The global offshore construction market

A significant reduction in refining projects (atmospheric distillation and conversion) 

  • Refining margins fall in 2016, but no collapse
  • Expenditure peaks in 2016 then falls in 2017
  • Sharp decline in projects to expand and / or build new processing capacity
  • Over-capacity falls between 2015 and 2016
  • Will investment recover after 2017?

 

PDF picto > Download the report (PDF - 1.6 Mo)

THE AUTHORS

Trends in oil and gas prices  - Guy Maisonnier - guy.maisonnier@ifpen.fr
Investments in exploration-production - Geoffroy Hureau - geoffroy.hureau@ifpen.fr:
Upstream activities and markets - Sylvain Serbutoviez - sylvain.serbutoviez@ifpen.fr:
Investment in refining - Constancio Silva - constancio.silva@ifpen.fr