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| Progress and Prospects of Oil and Gas Exploration and Development in the World |
| Yang Guofeng, Lu Xuemei, Liang Hui |
| SINOPEC Petroleum Exploration and Production Research Institute |
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| Guide |
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Abstract 2017 has seen the recovery in the global oil and gas market. Both Brent and WTI were priced at over USD 50 per barrel. Oil companies have basically adapted to the relatively low oil price environment through a series of cost-cutting and efficiency measures, and the number of projects making final investment decisions (FID) has increased for the second consecutive year. Global annual new conventional oil and gas reserves hit new lows in 2016 and 2017. However, gratifying progress has been made in the area of unconventional oil and gas. Shale oil and gas in the US has become the biggest bright spot in the oil and gas industry in the past two years. There have also been new developments in the extraction of natural gas hydrates, which may lead to a greater role for natural gas in energy consumption. Recovery will be the main tone of the oil and gas market in 2018.
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Published: 12 January 2019
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Hou Mingyang. Development Trend and Revelations Regarding the Oil and Gas Upstream Sector[J]. China Oil & Gas, 2017, 24(1): 42-47. |
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Xu Bo, Wu Jie, Chen Yuanyuan. Current Situation and Prospects for Shale Gas Exploration and Development in China[J]. China Oil & Gas, 2016, 23(3): 18-24. |
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2018, Vol. 25 
