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Global and Regional Markets

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

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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.

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

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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.

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