Global Offshore Prospects
18 February 2010 London Evening Meeting
Chairman John Westwood, Douglas-Westwood
Sponsored by Douglas-Westwood
Presentations
John Westwood and Steve Robertson, Douglas-Westwood
In Douglas-Westwood's annual presentation to the SUT in early 2009, John and Steve spoke about the general oil industry outlook and forecast decreased upstream capex but emphasised that the first half of 2009 would represent the entry point for the next cycle of the oil business and that long-term fundamentals remained solid in offshore exploration and production.
As the global economy recovers from the worst downturn in decades, what is the outlook for the oil industry? How long will spare oil last? Have we reached 'peak demand'? Has peak oil been solved, with an outlook for restrained prices for years to come? Or will the oil and gas industry begin to ramp up and regain its former strength? Will it return to its former structure, or does the increasing power of the NOCs herald something new? Is offshore headed to new records? What promises to be the key growth areas? And what of marine renewables? Are they on track, or have the recession and events of Copenhagen changed the outlook for their adoption?
These are among the subjects that were addressed in this wide-ranging presentation. John and Steve also updated the audience on Douglas-Westwood's views on the next five years' expenditure in the offshore industry.