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Oil & Gas UK estimates exploration and production companies would have to spend about $265 billion between 2019-35 to realize industry’s expectations outlined in Vision 2035 on the UK Continental Shelf. Vision 2035 is a framework for the UKCS led by Oil & Gas UK and the Oil & Gas Authority. Read more »

Canadian oil sands production in 2019 will be almost 230,000 b/d lower than last year, according to ESAI Energy’s recently published North America Watch. Planned Canadian oil sands projects are being pushed back in response to further delays in pipeline egress and the mandated output cuts by the Alberta provincial government. Read more »

Shale and other low-permeability formations have reversed a 40-year decline in North American oil and gas production and survived a severe price downturn. However, play maturation and exhaustion have led to productivity declines. Technology will determine how the shale revolution progresses, panelists said at CERAWeek by IHS Markit Mar. 12 in Houston. Read more »

Spirit Energy Ltd. and its partners started oil production from Oda field, which lies in 65 m of water 13 km east of Ula in production license 405 in the North Sea, on Mar. 16, about 5 months ahead of schedule. Read more »

It won’t be until 2025—11 years after the last peak—that global service market revenues again will make it back to the $920-billion mark seen in 2014, according to a recent report from Rystad Energy. “This will be the longest slump faced by the oil field services industry since the 1980s, with about $2.3 trillion in revenues lost along the way,” said Audun Martinsen, Rystad Energy’s head of oil field service research. Read more »