Global Energy Prospects

26 February 2009 London Evening Meeting

Chairman Ian Gallett, SUT
Sponsored by Douglas-Westwood

Report by Michal Zbrojski and Alicja Kowalewska, Cranfield University MSc students

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Presentations

Global Energy Prospects 
[this link is to the presentation found on Douglas-Westwood's website]

John Westwood and Steve Robertson, Douglas-Westwood

In his annual presentation to the SUT beginning in 2005, with oil at $50, John West wood forecasts three things: a dramatic rise in prices, stating that "recent oil prices are just a practice for the real thing," that "increasing price volatility should be expected" and thirdly, "rising oil prices could be temporarily derailed by a global economic crisis".

Last year, oil prices peaked at $147 and have now fallen to below $50. So what has happened to the much discussed 'peak oil'? What is the future for the oil majors in a world dominated by state-owned National Oil Companies? What are the prospects and challenges of the new offshore Arctic frontiers, the rapidly developing deepwater sector and marine renewable energy? Following the financial meltdown, is a fundamental change in U.S. energy demand in process of is this merely a much-needed breathing space in which to develop alternatives?

These are amongst the subjects that are addressed in this wide ranging presentation. John and Steve also updates us on their company's views on the next five years' expenditure in the offshore industry, including forecasts for drilling, floating production, deep water and more.