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The AAPG/Datapages Combined Publications Database
Southeast Asia Petroleum Exploration Society (SEAPEX)
Abstract
Key Note
Oil & Gas Business Prospects
Abstract
Growth in non-OPEC oil production (e.g. North Sea) was the factor restraining OPEC’s production and pricing power. North Sea production peaked in 2000 and OPEC used up spare capacity by 2004. Prices rose until the financial crisis in mid 2008. Developed countries demand for oil fell and prices followed. A slight decline (128,000 b/d) in non-OPEC production occurred in 2008. Looking towards the future we can see no growth in non-OPEC production in 2009 with an accelerated production decline in Mexico, Norway, Russia and the UK. Reduction in investment in new production will increase rate of global decline. And finally oil prices will rise, possibly to new highs.
Keywords: Peak Oil • Canadian Oil Sands • Arctic • Nigeria • Natural Gas • Shale Gas • FLNG • Offshore
Presented at: 2009 South East Asia Petroleum Exploration Society (SEAPEX) Conference, Singapore, 2009
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