Aug 22: The best times for the offshore oil & gas market is ahead of us, says a new analysis.
8Oil demand to grow by approximately 1 percent per year over the next decade despite significant efficiency gains in the light–duty vehicle fleet and the advent of the electric car.
8The problem seems to be on the supply side of the market.
8Wth natural supply decline of between 3 percent and 4 percent per year added to 1% demand growth, the world will need production equivalent to at least one–third of total global production today.
8The anticipation is that US tight oil production will start to plateau in the mid–2020s, at which point its role in setting global oil prices is expected to begin to diminish.
8That observation, and the relative lack of exploration success and investment in the conventional sphere in recent years points to the need for known but more costly supply to be induced to fill the long run gap to demand.
8By the mid–2020s, the marginal barrel is expected to come from a higher–cost non–OPEC deepwater asset.
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