Home / Microsites / Global and Regional Markets

Global and Regional Markets

Political instability keeps Latin America a challenging region for oil and gas industry

Screen Shot 2016-11-08 at 2.17.28 PM

Many countries in Latin America continue to struggle with political and social instability, resulting in uncertain rules and regulations for the oil and gas industry. In Venezuela, for example, the country’s goal of reaching 5.2 million bbl/day of production by 2012 has fallen significantly short, and it’s now producing only 2.1-2.2 million bbl/day. However, if the country installs a new government with policies designed to capitalize on the country’s vast hydrocarbon resources, that 5.2 million bbl/day production goal could be achievable within five years, according to Jorge R. Piñon, Director of the Latin America and Caribbean Energy Program and Interim Director for the Jackson School of Geosciences at The University of Texas at Austin. Watch DC’s video from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 3 November for more details.

Read More »

Tudor Pickering Holt: Oil prices could reach $70/bbl in 2017

Screen Shot 2016-11-08 at 2.17.17 PM

Byron Pope, Managing Director, Oil Service Research at Tudor Pickering Holt, is forecasting that oil prices could get up to $70/bbl next year. He attributed this to growing global energy demand and shortened supply caused by canceled upstream projects around the world. Mr Pope also expects upstream CAPEX to grow in the coming year and for the US land rig count to continue increasing. However, it may take several more years for the offshore rig market to recover, he said. Watch the video with DC’s Alex Endress from the 2016 IADC Annual General Meeting in Scottsdale, Ariz., on 4 November for more information.

Read More »

US sanction regimes continue to evolve for Russia, Iran, Cuba

Russian sanctions highlight how companies can be immediately impacted by sectoral sanctions. For example, ExxonMobil had a relatively short time frame to stop drilling operations in Russia’s Kara Sea after sanctions were announced in 2014.

Business prospects must be balanced with careful risk management, understanding of local challenges and well-drafted contracts By Jennifer Bickley, Chamberlain, Hrdlicka, White, Williams & Aughtry Since early 2014, the US has seen a significant number of changes to the sanctions imposed by the Department of Treasury’s Office of Foreign Asset Control (OFAC). These changes have, or may have in the future, a meaningful impact on the oil and gas industry. Generally, OFAC’s purpose in imposing sanctions is to support the US’ foreign policy and national security goals through sanctions that are imposed on (i) individuals/entities through a published list of those persons with whom US persons/entities cannot do business (SDN List); (ii) targeted trade areas (sectoral sanctions) and targeted individuals ...

Read More »