Wood Mackenzie’s European upstream research team have assessed the most significant events of 2014 impacting Continental & Mediterranean Europe’s (all of Europe excluding UK and Norway) oil and gas sector, including the Ukraine Crisis and the collapse of global oil prices, identifying the key areas to watch this year.
James Webb , Manager for Continental & Mediterranean Europe upstream research at Wood Mackenzie says: “In 2014 the region’s upstream sector was impacted by a number of high profile events. The Ukraine crisis and cancellation of the South Stream pipeline revived fears over the security of Russian gas transit to Europe. The year was also challenging for unconventional gas in Europe, with the sector marred by company exits and poor drilling results. The biggest story of 2014 by far, was the collapse of Brent oil price from over US$100 a barrel ($/bbl) in August to under $60 in December.
“Looking ahead to 2015, upstream activity will undoubtedly be influenced by oil prices, and we expect a direct impact on exploration and development budgets – with discretionary spend most at risk. However, with several licensing rounds and high-profile exploration wells expected, it is likely to be another exciting year for the region.”
Wood Mackenzie’s latest upstream analysis highlights some of Continental & Mediterranean Europe’s (covers all of Europe excluding UK and Norway) key upstream activity in 2014 and what it signals for the year ahead:
Source: Wood Mackenzie