Majors speed it up, independents slow it down

摘要

US independent oil producers are pacing their drilling plans for the rest of this year, but major oil frms continue to push their shale oil projects. Independent oil frms are under investor pressure to manage their opera- tions within cash fow and focus on boosting returns. But the majors regard the US unconventional sector as intrinsic to their growth targets, partly because of the quicker start-up times and initial investment levels involved, resulting in the two groups’ strategies diverging. Even so, ExxonMobil, Chevron and BP’s eforts may not be enough to reverse a slowdown in shale production growth. Output from the top US shale basins is projected to rise by 85,000 b/d to 8.77mn b/d in September, the EIA’s latest Drilling Productivity Report says - quicker than the increase of just under 50,000 b/d to 8.55mn b/d in August, but half the monthly growth rate in the second half of last year.