Global Energy Prospects

18 July 2009 Aberdeen Lunch Seminar

Chairman Dick Wincester, Editor Energy Monthly Press & Journal
Sponsored by Douglas-Westwood

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Presentations

Global Energy Prospects

John Westwood and Andrew Reid, Douglas-Westwood Ltd

In his annual presentation to the SUT in 2005, with oil at $50, John Westwood forecast three things: a dramatic rise in prices, stating that "recent oil prices are just a practice for the real thing"; secondly 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, collapsed to under $40 and then slowly moved upwards. So what has happed 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 energy demand in process, or is this merely a much-needed breathing space in which to develop alternatives?

These were amongst the subjects that were addressed in this wide-ranging presentation. John and Andrew also updated the attendees on their company's views on the next five years' expenditure in the offshore industry, including forecasts for drilling, floating production, deepwater and more.