The oil circle
Global exploration and development activities are becoming more and more active, and the number of new oil and gas detection has increased significantly. In terms of capital expenditure, oil companies are more "luxury" than before, and more and more large-scale projects have been approved one after another, and a new round of opportunities has arrived.
Original title: How is the oil industry in the future? A well-known Norwegian consulting agency gave two core indicators
Author | Zijin
0 July 22 The latest Fortune World Top 500 rankings were released. Among the top 10 lists, oil companies account for 6. This is the year when oil companies accounted for the largest proportion of the top 10 since 2014. Some readers said, "Who will say that oil is a sunset industry, and I will be anxious." It can be seen that oil industry is still one of the most "money" industries . The decline in oil prices a few years ago, and the resulting drastic decline in exploration and development activities and a shrinking oil company's assets and staff size, seems to have ended.
In fact, judging from the "hard core" data of the oil industry itself, a new round of spring in the oil industry has arrived. Recently, data released by Rystad Energy, a well-known Norwegian energy consulting agency, showed that the global proven volume of new conventional oil and gas has increased significantly, half of which comes from deep water. In terms of capital expenditure, oil companies are no longer "undecided", and large-scale projects have been successively approved for investment.
If the industry recovery mentioned in the past is too optimistic and is just a "spark fire", now this "spark fire" has shown a "park fire".
Original oil circle, oil circle official account: oilsns
01. Exploration and development are active, and the global discovery volume surges
Generally speaking, during the industry depression, exploration and development activities will be greatly reduced, and the newly discovered oil and gas volume will also decrease accordingly. However, data released by consulting firm Rystad Energy recently showed that the global proven volume of conventional oil and gas has increased significantly. In the first half of 2019, obtained a total of 56 conventional oil and gas discoveries worldwide, with a resource volume of 6.7 billion barrels of oil equivalent, with an average monthly discovery of more than 1.1 billion barrels of oil equivalent, an increase of 35% compared with the same period in 2018.
In the first half of 2019, Russia led the lead in the new proven volume of conventional oil and gas. In late May this year, Russia's natural gas Industrial Co., Ltd. (Gazprom) obtained two major natural gas discoveries in Kara Sea , located in the northwest of Yamal Peninsula in western Siberia - Dinkov and Nyarmeyskoye (both major discoveries of were discovered by CNOOC's No. 8 semi-submersible drilling platform drilling ). The total resources of these two major discoveries exceeded 1.5 billion barrels of oil equivalent, of which Dinkvo alone reached 1.1 billion barrels of oil equivalent, becoming the largest known exploration discovery this year.
original oil circle, oil circle official account: oilsns
followed closely by oil upstart Guyana . In the first half of this year, ExxonMobil made three major discoveries in the Stabroek block in Guyana, with a total recoverable reserve of 800 million barrels of oil equivalent. So far, 13 oil and gas have been found in the Stabroek block, with recoverable reserves of up to 5.5 billion barrels of oil equivalent. It is expected that the first batch of oil will be mined in the middle of next year.
In addition, in February this year, ExxonMobil discovered Glaucus giant natural gas in the Cyprus waters, with recoverable resources reaching 700 million barrels of oil equivalent. Also in February, Todal made a major discovery in the 11B/12B block of deep waters in South Africa, and it is said that it may contain 1 billion barrels or more of oil. Thailand's national energy company PTTEP has obtained a major gas discovery in the Lang Lebah-1RDR2 exploration well in the Malaysia waters. It is estimated that it may contain 2 trillion to 2.5 trillion cubic feet of natural gas.
Original from the oil circle, oil circle official account: oilsns
Data source: Rystad Energy
In addition to the significant increase in the proven amount of conventional oil and gas, more importantly, half comes from deep water. Rohit Patel, senior analyst at Rystad Energy, said: "With the discovery of deep-water oil fields accounts for half of the discovered volume, we can infer that the frontier areas with high risks in deep-water have returned to the vision of oil companies. "
. Deep-water is often regarded as one of the weather vanes of the industry's "rise and fall" due to its high risks, high investment and long return cycles. The return of deep water also heralds the recovery of the oil industry.
Original from the oil circle, oil circle official account: oilsns
02. Capital expenditure returns to
Another signal of the recovery of the industry is the industry capital expenditure situation . According to a report by DNV GL, capital expenditure per barrel of oil increased significantly between 1999 and 2013 at a compound annual growth rate of 10.9%. However, when oil prices plummeted in 2014, investment in the oil industry almost "suddenly". In 2014, 74 offshore projects worth $78 billion were approved. In 2016, only $37 billion of offshore projects were approved.
Original from the oil circle, oil circle official account: oilsns
This phenomenon has ushered in a significant improvement in 2018 and will usher in a breakthrough in 2019. Rystad Energy released data saying that with the recent signing of two offshore oilfield expansion projects contracts in Saudi Aramco Marjan and Berri, a $50 billion worth of offshore projects has been approved in the first half of 2019. Rystad Energy believes that this is a big signal that the offshore oil and gas industry has turned around and is again predicting that $123 billion worth of offshore projects will be approved for in 2019, which will greatly exceed $78 billion in 2014.
According to Rystad Energy, Saudi Aramco's Marjan oilfield expansion project is the world's largest offshore project to be approved for investment since 2014. In the second half of this year, the Hail Ghasha offshore high-sulfur gas project in Abu Dhabi, the Oeste FPSO project in Lula oil field in Brazil, and the Atum and Golfinho projects will be approved soon. In this way, 4 of the 10 offshore projects of from 2014 to 2019 were approved for in 2019.
Original from the oil circle, oil circle official account: oilsns
Data source: Rystad Energy
"As more and more offshore projects are approved, the amount is approaching a record high, and more new projects are attracting attention. The offshore projects approved in 2019 look to reach the highest level since the price of $100 per barrel of oil." said Matthew Fitzsimmons, vice president of oilfield services research at Rystad Energy.
In fact, at the beginning of this year, Rystad Energy had released research data saying that if the price of Brent crude oil rebounded to $60 per barrel and the oil industry's efforts to further cut costs were effective, then the world's $123 billion offshore projects will be approved in 2019, possibly reaching the highest level since 2013.
Half of it has passed in 2019, and the actual situation is still relatively optimistic. Oil prices are relatively stable at around US$60-70, and the industry's efforts to embrace technological revolution and improve efficiency have not weakened at all. Judging from the talent demand issued by various units to the oil circle, due to the significant increase in operation volume, various talents such as geological orientation, logging, ESP-related engineers, drilling platform supervisors, drilling drivers, deputy drilling drivers, electrical engineers, mechanics, software development, and electronics development are urgently needed. The demand for talents is strong and the future is promising.
Original from the oil circle, oil circle official account: oils
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