The rise in offshore oil and gas production expected in 2019 and beyond is due in part to the coming onstream of new fields aided by technological advances, which have dramatically cut E&P costs.
South Africa is a major mining and manufacturing country.
One thing is clear, the actions of OPEC and friends to cut back output this year could be good news for U.S. shale frackers as crude prices rise, trade tensions ease and world demand for crude holds up—but it could be disappointing for President Trump.
More than 72,000 wells are expected to be drilled and completed in 2019, representing a 3% growth compared to 2018.
Conventional oil makes up around two-thirds of the world’s recoverable oil resources and accounts for 93 percent of today’s oil mix. More than half of this oil comes from oil fields that are past their peak and declining, revealed by a loss of about 3 million barrels of output last […]