Koil Energy Solutions Inc. (KLNG)

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Sea Technology;issue May 2014
Oil and Gas Drilling to Increase in the Coming Years. Douglas-Westwood (DW) reports that meeting future global oil and gas demand will require some 83,000 new development wells to be drilled in 2014, of which 3,000 will be offshore. However, a forecast 17 percent increase in oil and gas demand by 2020 means that annual well completions will need to climb 35 percent. In all, an additional 670,000 wells must be drilled by the end of the decade. Offshore, the developing shallow-water gas and highly productive deepwater sectors will offset the effects of an aging shallow-water oil sector, with total offshore oil and gas production set to rise 22 percent by 2020. DW expects to see a surge of deepwater well completions in the medium term, reaching 476 by 2018, up from 185 in 2013. On a global basis, much of the drilling is due to the continued resurgence of the dominant North American market, which accounted for 62 percent of worldwide development wells drilled in 2013.