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Reduced exploration budgets have seriously harmed the sector.
The increases are mostly the result of fewer forecasters predicting very low prices rather than more forecasters predicting high ones.
Despite concern about whether planned production cuts pan out, some in the industry are optimistic that better days are ahead.
Gas prices will need to be higher on average during 2017 to sustain increased drilling and curb gas consumption.
The company’s head of communication is encouraging the international community to contribute.
But like any other forecast, the curve can be wrong. The oil market could rebalance faster or slower than expected.
The latest SEAM project is focusing on life-of-field seismic, geomechanics and reservoir simulation.
The U.S. Department of Energy has become a lightning rod for criticism in parts of the Republican Party and the fossil fuels industry unhappy about the Obama administration’s energy and climate policies.
The oil and gas industry has made strides in reducing emissions in recent years. Hopes are that its efforts will continue.
Most energy professionals expect OPEC output will decline to around 33.0 million barrels per day in January 2017.
Will the Trump administration and Congress have the will to reopen the door to the nation’s offshore resources?
The deal will probably cut production by between 750,000 and 1 MMbbl/d, accelerating the rebalancing process, though to have a big impact the cuts will need to be extended into the second half of 2017.