(London, 29 November 2018) In most regions of the world, oil & gas demand has risen or reached all-time highs in 2017, highlighting the significant need for investments to keep up production levels, IOGP’s new Global Production Report shows.
Records for oil & gas demand were set in Africa, Asia Pacific and the Middle East, and demand came close to historic highs in North America, Europe and Central & South America. The current depletion rate of 6% in most existing fields implies that significant investments will be needed to meet this demand in the foreseeable future. Regional and local policies can encourage the responsible development of resources needed to do so.
The IOGP Production Indicator© (PI) indicates the level at which a region is able to meet its own oil or gas demand – for seven regions across the world. A PI higher than 100% means the region produces more than it needs to meet its own requirements and can therefore export.
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The Report’s data shows three distinct groups of regions when it comes to supply/demand balance: net importers (Europe, Asia Pacific) self-sufficient ones (Central & South America and North America), and those that are net exporters of oil & gas (Africa, CIS and the Middle-East).
Natural gas production and demand have grown significantly since the 2008-2009 financial crisis. The rising demand trend could well turn a number of exporting regions into net importers in the coming years, including large ones such as Africa and Central & South America.
“We are facing a dual challenge: a strong demand for oil & gas, and a 6% depletion rate of existing fields. We need to work with policymakers to mobilize the resources needed to meet this demand on the long term.” says IOGP Executive Director, Gordon Ballard.
You can access the IOGP Global Production Report at the IOGP bookstore.
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The International Association of Oil & Gas Producers (IOGP) is the voice of the global upstream industry. Oil and gas continue to provide a significant proportion of the world’s energy to meet growing demands for heat, light and transport.
Our Members produce 40% of the world’s oil and gas. They operate in all producing regions: The Americas, Africa, Europe, the Middle East, the Caspian, Asia and Australia.
We serve industry regulators as a global partner for improving safety, environmental and social performance. We also act as a uniquely upstream forum in which our members identify and share knowledge and good practices to achieve improvements in health, safety, the environment, security and social responsibility.