The World Drilling & Production Market Forecast, built by Westwood’s OFS analysts, is our key report on the two most-important leading indicators for the industry.

Based on detailed project data and proprietary models, this forecast, which covers 2018-2024, examines each of the 70 covered countries in turn and includes a summary of hydrocarbon potential and sensitised production outlook for the onshore sector, in addition to shallow vs. deep water analysis for the offshore sector.

Highlights include a detailed outlook on the supply-demand balance following OPEC’s decision extend its production cuts to the end of 2018, as well as a positive forecast for gas production, particularly in Australia, East Africa and the Mediterranean.

Effect of Oil Supply and Demand Changes on Oil Market Balance 2015-2022
Effect of Oil Supply and Demand Changes on Oil Market Balance 2015-2022
Key Conclusions:
  • OPEC exceeded on its output reduction targets in 2017, eroding excess crude oil stockpiles across its members and OECD countries.
  • Gas production is set for rapid growth over the next seven years, with much of the increase coming from deepwater sources – namely those in India, the Mediterranean and Mozambique.
  • In Australia, feedstock for both new and expanded LNG projects will see gas output climb 13% by the end of the forecast period.
  • Africa’s deepwater output will experience strong growth (24%) over the forecast period as large projects sanctioned during high oil prices are implemented, with a focus on gas.
  • Brazilian hydrocarbon production is predicted to grow 21% by 2024, largely due to the continued development of the country’s huge pre-salt fields.
  • Despite reaching a temporary plateau, US onshore drilling activity is expected to rise at a CAGR of 11% over 2018-2024, with onshore production growing 3% year-on-year over the same period.