The release of the Q1 2015 edition of Douglas-Westwood’s (DW) World Drilling & Production Market Forecast (DWD&P) marks a year since the report came to fruition – and adjustments including news and events means DW now predicts onshore drilling to fall and offshore activity to rise slightly. “With the latest update to DWD&P, DW are forecasting global onshore drilling will decline 20% – resulting in the smallest annual production growth for six years at just 1% (versus an average of 3% over 2010-14),” said the report. “Offshore, drilling will continue growth at 3% per year until 2018, when a lag in sanctioned projects will cause a slowdown in activity. This will translate into a slowing of offshore production growth from 2019 onwards.” Over the past 12 months, DW has “witnessed significant changes to the upstream sector from quarter to quarter” – causing adjustment to its World Drilling & Production Market Forecast (DWD&P) report in Q1 2015.
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