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Publisher’s Letter

A Special Report on the Oil and Gas Outlook P.O. BOX 2608 • HOUSTON, TEXAS 77252 U.S.A. • PHONE +1 (713) 529-4301 January 26, 2009 IT’S NOT AS BAD AS IT SEEMS Now that the boom has run its inevitable course and gone bust, the only question is: How far down? Predicting activity levels depends on prices—that’s nothing new. But since our surveys took place over the late November–early January timeframe, the sharp drop in December rig counts means that operators’ estimates of 2009 activity depended on what week they responded. That fact, combined with the possibility that a deep, long recession, already more than a year old, could grow into a depression with double-digit unemployment, means that this is a true “crystal ball” forecast. The old Chinese proverb “May you live in interesting times” is both a blessing and a curse, and it best describes the situation our industry finds itself in today. World Oil’s forecast for 2009 shows: • US drilling activity will decline to 43,926 wells, down 20%. • US rig count will average 1,478 rigs, down 21% from 2008. • Canadian drilling will fall by about 7% from last year. UNITED STATES Our US forecast of a 20% drop comes off of record highs and is optimistic, depending largely on whether the deepening recession gets so bad that it begins to affect basics such as fertilizer and electricity production and, thus, curtail natural gas demand. At 80% of rigs drilling for gas, US gas demand and prices become paramount. Spending this year is expected to slow 26% in the US, according to Barclays Capital. Presumably, decreases in the cost of goods and services will let the money that does get spent stretch further. US prices. As we enter 2009, global oil inventories are rising, although still within normal ranges, while OPEC tries to restore higher prices through production cutbacks. OPEC solidarity will be key, and this time around, Saudi Arabia has the added support from hard-liners Iran and Venezuela, so it might just be able to take much of the 4 million barrels that it said it would take off the production table. The firm Groppe, Long & Littell forecast last year that the WTI oil price would average $70/bbl (Cushing) in 2008. In fact, it averaged $99.75. This year, the firm expects WTI to average $88.50. They forecast natural gas prices to come down quite a bit, averaging $6.27/Mcf (Henry Hub), which implies about a dollar lower at the wellhead. In our forecast, we initially assumed that oil drilling would be hurt more than gas drilling, since oil prices have come down the most, but that did not prove true. It depends on the geology, but even at $36/ bbl for WTI crude, there may be less risk in drilling a Permian Basin oil well than there is drilling a $5/ Mcf shale gas well. US operators’ survey. World Oil’s survey of 10 US major drillers (integrated companies and independents with large drilling programs) and 120 independents received fewer returns than last year’s survey. Citing the current market climate and volatility, a large number of both US major and independent operators responded that they would not participate in this year’s survey, thus causing the overall number of wells

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forecast by US majors to drop sharply for both 2008 and 2009 when compared to last year’s numbers. In 2009, major drillers continue to focus on developmental drilling with only 4.8% of the wells designated as wildcats. Overall in 2009, the major drillers plan a 26% decrease in wells drilled. Compared to the majors, US independents are forecasting a smaller drop, only 13%, in the number of wells to be drilled in 2009. They will continue to be more aggressive explorers than the major drillers and are planning 12.5% of their new wells as wildcat tests. Onshore, the major drillers will continue to focus wildcat drilling in Texas, while independents will continue to focus on Kansas first, then Texas. Offshore, both majors and independents plan to focus on Louisiana, with 16 and 8 wildcats, respectively. While the independents appear to be centralizing their wildcat efforts to only offshore Louisiana, the majors plan to branch out from only Louisiana offshore wells in 2008 to wells in Louisiana, Florida and Texas this year. In our survey, majors and independents plan to drill a combined total of 8,559 wells in 2009, some 20% of the drilling forecast for 2009. US rigs. Since more rigs came online in 2008, with falling demand, rig utilization will head downward in 2009. A sharp dropoff was seen beginning in December and continued into January, with rigs falling to 1,593 from 1,935 in November. The Baker Hughes rig count rose in 2008 by 6.2%, but for this year, we think that it will fall to 1,478, a 400-rig, or 21%, decrease, with activity in the Gulf of Mexico holding steady as long-term deepwater projects continue. OUTSIDE U.S. Last year, a steep downturn in Canadian drilling led us to predict a 5% drop in drilling outside the United States for 2008. As it turned out, the Canadian drop was significantly softened last year, such that the country drilled only about 1,800 fewer wells than in 2007 instead of the predicted 4,664. This betterthan-expected performance is partly due to the resurgence of the US dollar relative to the Canadian loonie, which improved the return on oil and gas exports to the US. Another factor at work in maintaining gas drilling, which has also been seen in the US, is falling productivity per well as producers turn increasingly to unconventional gas, requiring ever-increasing gas drilling to meet domestic demand, such as for Canadian bitumen (oil sands) production. We expect Canadian activity to be off another 7% in 2009. Canada’s 2008 performance led to a net increase in wells drilled outside the US of about 2,300 wells over 2007, but the worldwide credit crunch will take its toll in 2009, causing an expected 3.9% drop in drilling outside the US. This falloff will be much smaller than in the US, due to the power of the NOCs, which are not as dependent on credit as are the international companies, and which are cash-rich from the last several years. Outside North America, the biggest percentage drops will be in Eastern Europe and the South Pacific. Operator enthusiasm for Mexico’s oil reform passed late last year is somewhat cooled by the government’s failure to make key appointments on deadline, as required by the legislation. At the earliest, the reform will probably increase Mexican activity in 2010. Meanwhile, we forecast Mexico to drill 600 wells in 2009, about 9% down from 660 last year. In South America, the one area of significant growth will be Brazil, where development of the huge offshore pre-salt discoveries continues to excite interest. Reports of a proposal to change the concession model governing the pre-salt to profit-sharing could accelerate this interest. For 2009, we predict a 20% increase in wells drilled, to 912. Venezuela has long been a proponent of high oil prices, and OPEC’s effort to remove about 4 million barrels a day from output will find a friend in President Hugo Chavez, who is likely to let drilling slide to raise prices. Furthermore, in November, PDVSA reported that over A Special Report from World Oil -2-


half the companies invited to bid for licenses in the Orinoco heavy oil belt—the first in a decade—have opted out of the process. Chavez has decided that the Orinoco will take the brunt of the OPEC-mandated cutbacks. We expect the country to drill 1,290 wells in 2009, 60 fewer than last year. Unlike some NOC-dominated regions, North Sea projects rely heavily on cash flow, especially given their high capital expenses. Thus, this segment is expected to fall harder than the global average, about 6%. This also holds for Eastern Europe, which also doesn’t have traditional NOCs; that region will see a drop of about 13% in activity, to 334 wells. Russia slashed its oil export duty starting this month, in an effort to keep development profitable in the face of the global downturn. While it will remain one of the top drillers in 2009, we expect activity to be down just under 5% in 2009, with about 4,900 wells drilled. Africa should maintain its level of activity, led by Egypt with 580 wells expected in 2009. Discoveries on the continent’s west coast continue to be made, with Tanzania and Uganda becoming inland production success stories. Sudan continues to drill aggressively despite ongoing war and international sanctions, and is actually forecast to increase drilling slightly in 2009. The same cannot be said for Nigeria, where ongoing violence has kept drilling at a trickle despite the government’s big plans. China plans to keep internal economic growth at about 6% by spending ample cash reserves that have accumulated over the last several years. This will keep drilling relatively flat through the financial storm, with an expected 19,730 wells to be drilled in 2009. Indonesia remains very active, with oil and gas revenues up over 60% in 2008 from the previous year, despite the country’s decision to leave OPEC due to the fact that it is no longer a net exporter. The country will drill 1,040 wells in 2009, 5.5% down from last year. About these statistics. World Oil’s tables are produced with the aid of data from a variety of sources, including the American Petroleum Institute, Groppe, Long & Littell, ODS-Petrodata Group, IHS Energy, the Texas Railroad Commission, other state and federal regulatory agencies, as well as international agencies. Most importantly, operating companies with drilling programs responded to this year’s survey. Please note credits and explanations in the table footnotes. We thank all contributors for their time and effort in providing data and analysis for this report. World Oil editors try to be as objective as possible in the estimating process to present what they believe is the most current data available. It is realized that sound forecasting can only be as reliable as the base data. In this respect, it should be noted that well counting is a dynamic process and most historical data will be continually updated over a period of several years before “the books are closed” on any given year.

For the World Oil forecast committee,

Ron Higgins, Publisher Forecast committee members: Perry A. Fischer, Editor David Michael Cohen, Managing Editor

Victor Schmidt, Drilling Engineering Editor Krista Kuhl, Technical Editor

Material contained herein may be reproduced, provided World Oil is credited as the source.

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Forecast of 2009 US wells and footage to be drilled State or area

Alabama1 Alaska Alaska–offshore2 Arkansas California California–offshore2 Colorado Gulf of Mexico2 Illinois Indiana Kansas Kentucky Louisiana1 North South Michigan Mississippi1 Missouri Montana Nebraska New Mexico New York North Dakota

Total wells 2009 2008 % Forecast Estimated4 Difference

328 131 2 1,077 3,375 32 2,604 621 342 138 2,169 1,935 1,543 1,127 416 470 292 13 445 156 1,225 351 506

356 146 1 1,137 3,970 36 3,830 620 395 177 2,777 2,015 1,543 1,111 432 525 364 345 467 199 1,690 473 617

–7.9 –10.2 98.0 –5.3 –15.0 –10.3 –32.0 0.1 –13.4 –21.8 –21.9 –4.0 0.0 1.4 –3.6 –10.6 –19.9 –96.2 –4.8 –21.6 –27.5 –25.9 –18.0

Total footage (1,000 ft) 2009 2008 % Forecast Estimated4 Difference

1,077 763 14 8,516 8,520 217 17,182 7,011 677 351 6,746 5,118 14,302 10,017 4,285 1,045 2,534 18 2,223 515 8,491 1,034 6,671

1,165 848 19 8,711 10,400 213 25,662 7,095 785 452 8,609 5,331 14,200 9,555 4,645 1,168 3,355 119 2,335 657 11,712 1,395 7,304

–7.6 –10.0 –28.3 –2.2 –18.1 1.8 –33.0 –1.2 –13.7 –22.4 –21.6 –4.0 0.7 4.8 –7.7 –10.6 –24.5 –85.2 –4.8 –21.6 –27.5 –25.9 –8.7

State or area

Total wells 2009 2008 % Forecast Estimated4 Difference

Total footage (1,000 ft) 2009 2008 % Forecast Estimated4 Difference

Ohio Oklahoma Pennsylvania South Dakota Tennessee Texas1 District 1 District 2 District 3 District 4 District 5 District 6 District 7B District 7C District 8 District 8A District 9 District 10 Utah Virginia West Virginia Wyoming Others3 Total US

780 2,669 4,533 31 353 11,663 286 384 421 844 1,241 1,572 604 1,275 1,324 469 2,368 875 837 675 2,021 2,586 25 43,926

3,266 4,097 19,486 24,353 18,585 21,947 344 396 1,058 1,254 93,976 125,734 1,787 2,838 3,329 4,010 3,360 4,410 8,267 11,476 13,900 18,290 16,211 19,395 3,624 4,686 9,813 15,834 8,429 14,538 2,533 3,726 13,972 15,021 8,750 11,510 6,610 8,819 1,855 2,131 8,992 9,176 12,670 16,243 143 82 260,010 325,767

979 3,336 5,353 36 425 15,648 454 462 525 1,171 1,633 1,894 781 2,057 2,284 690 2,546 1,151 1,115 775 2,062 3,315 22 54,749

–20.3 –20.0 –15.3 –13.1 –17.1 –25.5 –37.0 –16.9 –19.9 –28.0 –24.0 –17.0 –22.6 –38.0 –42.0 –32.0 –7.0 –24.0 –25.0 –13.0 –2.0 –22.0 11.6 –19.8

–20.3 –20.0 –15.3 –13.1 –15.6 –25.3 –37.0 –17.0 –23.8 –28.0 –24.0 –16.4 –22.7 –38.0 –42.0 –32.0 –7.0 –24.0 –25.1 –12.9 –2.0 –22.0 74.8 –20.2

1 Excludes

3 Includes Arizona, Florida, Nevada, Oregon and Washington. state and federal offshore wells, which are included in the GOM total. 4 2008 estimates are based on well counts furnished by state and federal regulatory agencies, state and federal offshore wells. API and ODS-Petrodata Group for the Gulf of Mexico.

2 Includes

What 10 US major drillers1 plan for 2009 State or area Alabama3 Alaska Arkansas California Onshore Colorado Gulf of Mexico Florida Louisiana Texas Indiana Kansas Kentucky Louisiana3 North South Michigan Mississippi3 New Mexico North/West South/East New York North Dakota Oklahoma Pennsylvania Tennessee Texas3 District 1 District 2 District 3 District 4 District 5 District 6 District 7B District 7C District 8 District 8A District 9 District 10 Virginia West Virginia Wyoming Total US 1 Major

Total 67 59 686 771 771 985 107 0 97 10 16 15 30 83 65 18 62 2 265 64 201 37 85 708 11 0 2,776 7 55 59 123 677 254 25 598 583 58 48 289 14 66 568 7,413

Wells drilled 2008 Wildcat Field 4 63 4 55 46 640 0 771 0 771 15 970 20 87 0 0 20 77 0 10 0 16 3 12 0 30 22 61 20 45 2 16 1 61 2 0 6 259 0 64 6 195 8 29 0 85 45 663 11 0 0 0 78 2,698 2 5 12 43 2 57 4 119 14 663 10 244 0 25 0 598 14 569 1 57 19 29 0 289 0 14 0 66 0 568 265 7,148

drillers are defined as integrated oil companies or subsidiaries and large independents that plan to implement significant drilling programs in several states during 2008. methane well data are included in wildcat, field and total categories.

Wells to be drilled 2009 Total Wildcat Field 79 1 78 55 12 43 808 19 789 548 0 548 548 0 548 686 6 680 104 26 78 2 2 0 90 16 74 12 8 4 26 0 26 10 0 10 8 0 8 180 68 112 168 68 100 12 0 12 75 0 75 0 0 0 169 12 157 33 0 33 136 12 124 62 2 60 55 0 55 316 29 287 168 14 154 1 1 0 1,465 72 1,393 5 5 0 8 6 2 37 12 25 81 4 77 498 15 483 148 14 134 3 0 3 308 0 308 249 15 234 26 0 26 25 1 24 77 0 77 2 0 2 80 0 80 575 3 572 5,472 265 5,207 3 Excludes

Coalbed methane gas wells2 2008 2009 60 78 0 0 0 0 0 0 0 0 143 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 23 3 23 0 0 0 0 0 0 4 40 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 466 471 732 559

state and federal offshore wells, which are included in the Gulf of Mexico total.

2 Coalbed

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Horizontal wells 2008 2009 1 3 30 29 611 781 70 78 70 78 5 11 1 0 0 0 1 0 0 0 15 26 0 0 5 8 38 140 38 140 0 0 11 10 0 0 44 26 0 0 44 26 4 5 0 0 170 102 6 157 0 1 937 687 0 0 38 6 0 6 0 0 663 489 31 56 25 3 1 0 76 63 0 0 48 25 55 39 2 2 26 80 0 2 1,976 2,148


Average number of US rotary rigs in operation1 State or area Alabama – onshore Alabama – offshore Alaska – onshore Alaska – offshore Arkansas California – onshore California – offshore Colorado Kansas Kentucky Louisiana – total  North Inland water South Offshore Mississippi Montana Nevada New Mexico New York North Dakota Ohio Oklahoma

2008 Avg. 4 1 7 1 50 40 1 114 11 10 167 68 20 25 53 13 11 3 78 6 68 12 200

2007 Avg. 4 1 8 0 45 34 2 107 14 9 177 58 25 34 61 14 17 2 78 6 39 13 188

% Diff. 0.0 0.0 –12.5 … 11.1 17.6 –50.0 6.5 –21.4 11.1 –5.6 17.2 –20.0 –26.5 –13.1 –7.1 –35.3 50.0 0.0 0.0 74.4 –7.7 6.4

State or area Pennsylvania South Dakota Tennessee Texas – total  Offshore Inland water District 1 District 2 District 3 District 4 District 5 District 6 District 7B District 7C District 8 District 8A District 9 District 10 Utah Virginia W. Virginia Wyoming Others2 Total US

2008 Avg. 23 2 4 898 8 2 24 34 62 90 181 125 30 64 128 26 42 82 42 5 27 74 6 1,878

2007 Avg. 16 2 5 834 9 1 22 31 60 89 172 123 38 56 111 24 37 61 42 3 32 74 5 1,769

% Diff. 43.8 0.0 –20.0 7.7 –11.1 … 9.1 9.7 3.3 1.1 5.2 1.6 –21.1 14.3 15.3 8.3 13.5 34.4 0.0 66.7 –15.6 0.0 20.0 6.2

Totals may not add due to rounding. 1 Source: Baker Hughes 2 Others includes Florida, Indiana, Iowa, Maryland, Michigan, Oregon and Washington.

What 120 US independents1 plan for 2009 State or area Alabama Arizona Arkansas California Onshore Colorado Gulf of Mexico Louisiana Texas Illinois Indiana Kansas Kentucky Louisiana3 North South Michigan Mississippi Montana Nebraska Nevada New Mexico North/West South/East New York North Dakota Ohio Oklahoma Pennsylvania South Dakota Texas District 1 District 2 District 3 District 4 District 5 District 6 District 7B District 7C District 8 District 8A District 9 District 10 Utah Virginia West Virginia Wyoming Total US 1 Companies 2 Coalbed

Total 13 0 6 1,283 1,283 31 16 14 2 3 0 324 23 205 180 25 148 4 0 4 1 43 36 7 0 104 17 273 90 6 394 20 21 10 60 45 89 2 36 30 39 28 14 304 17 41 161 3,511

Wells drilled 2008 Wildcat Field 2 11 0 0 0 6 20 1,263 20 1,263 8 23 6 10 5 9 1 1 2 1 0 0 177 147 18 5 19 186 13 167 6 19 4 144 3 1 0 0 1 3 1 0 2 41 0 36 2 5 0 0 24 80 7 10 21 252 0 90 0 6 76 318 7 13 12 9 1 9 15 45 2 43 11 78 1 1 9 27 0 30 11 28 6 22 1 13 8 296 0 17 26 15 29 132 454 3,057

represent a cross-section of US independent operators. methane well data are included in wildcat, field and total categories.

Wells to be drilled 2009 Total Wildcat Field 0 0 0 2 0 2 5 2 3 1,161 20 1,141 1,161 20 1,141 25 11 14 21 8 13 21 8 13 0 0 0 4 1 3 3 3 0 213 120 93 25 5 20 150 30 120 131 21 110 19 9 10 191 2 189 5 1 4 2 1 1 0 0 0 1 1 0 46 6 40 27 0 27 19 6 13 1 0 1 91 17 74 5 3 2 212 19 193 81 6 75 0 0 0 350 88 262 7 1 6 21 13 8 12 2 10 46 20 26 24 1 23 75 12 63 6 1 5 40 13 27 27 10 17 25 2 23 53 11 42 14 2 12 281 7 274 18 0 18 46 25 21 148 13 135 3,087 389 2,698 3 Excludes

Coalbed methane gas wells2 2008 2009 11 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31 32 31 25 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 17 18 0 0 0 0 61 51

state and federal offshore wells, which are included in the Gulf of Mexico total.

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Horizontal wells 2008 2009 2 0 0 0 0 2 49 45 49 45 1 0 0 0 0 0 0 0 1 0 0 0 6 0 0 0 25 46 15 40 10 6 34 22 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 94 35 0 0 133 154 0 2 6 0 75 79 5 3 4 0 1 0 4 0 10 3 16 22 0 3 7 2 0 3 7 1 21 41 0 1 9 10 0 0 0 1 8 6 444 403


Forecast of 2009 drilling worldwide* Region or Wells forecast country 2009 North America 18,001 Canada 17,355 Cuba 31 Mexico 600 Others 15 South America 4,461 Argentina 1,387 Bolivia 12 Brazil 912 Chile 15 Colombia 420 Ecuador 120 Peru 90 Trinidad & Tobago 96 Venezuela 1,290 Others 119 Western Europe 631 Austria 35 Denmark 22 France 14 Germany 30 Italy 30 Netherlands 25 Norway 175 United Kingdom 295 Others 5 Eastern Europe 334 Croatia 10 Czech Republic 12 Hungary 14 Poland 35 Romania 243 Others 20 Former Soviet Union 6032 Russian Federation 4915 Others 1117 Africa 1762 Algeria 396 Angola 57 Congo 38

Wells drilled 2008 19,367 18,661 25 660 21 4,537 1,445 12 760 15 414 128 187 121 1,350 105 682 46 22 14 26 41 30 183 313 7 385 8 21 42 36 253 25 6350 5165 1185 1781 392 65 43

% diff. –7.1 –7.0 24.0 –9.1 –28.6 –1.7 –4.0 0.0 20.0 0.0 1.4 –6.3 –51.9 –20.7 –4.4 13.3 –7.5 –23.9 0.0 0.0 15.4 –26.8 –16.7 –4.4 –5.8 –28.6 –13.2 25.0 –42.9 –66.7 –2.8 –4.0 –20.0 –5.0 –4.8 –5.7 –1.1 1.0 –12.3 –11.6

*Some countries are estimated.

Region or Wells forecast Wells drilled % country 2009 2008 diff. Egypt 580 580 0.0 Gabon 85 80 6.3 Libya 179 179 0.0 Nigeria 105 120 –12.5 Sudan 226 223 1.3 Tunisia 40 38 5.3 Others 56 61 –8.2 Middle East 1,749 1,790 –2.3 Iran 250 255 –2.0 Iraq ..............................No data...................................... Kuwait 88 88 0.0 Neutral Zone ..............................No data...................................... Oman 315 315 0.0 Qatar 89 94 –5.3 Saudi Arabia 556 592 –6.1 Syria 109 105 3.8 Turkey 100 93 7.5 UAE 124 124 0.0 Yemen 100 109 –8.3 Others 18 15 20.0 Far East 22,264 22,490 –1.0 Brunei 33 31 6.5 China 19,730 19,832 –0.5 India 630 600 5.0 Indonesia 1,040 1,100 –5.5 Japan 10 14 –28.6 Malaysia 138 145 –4.8 Myanmar 81 81 0.0 Pakistan 135 148 –8.8 Philippines 16 20 –20.0 Thailand 368 424 –13.2 Vietnam 55 65 –15.4 Others 28 30 –6.7 South Pacific 353 441 –20.0 Australia 306 386 –20.7 New Zealand 39 45 –13.3 Papua New Guinea 8 10 –20.0 World Total 55,587 57,823 –3.9

Forecast of 2009 offshore drilling worldwide* Region or Wells forecast country 2009 North America 725 Canada 14 Cuba 1 Mexico 55 US – Alaska 2 US – California 32 US – Gulf of Mexico 621 Others 0 South America 225 Argentina 1 Brazil 175 Chile 0 Ecuador 0 Peru 10 Trinidad & Tobago 37 Venezuela n.a. Others 3 Western Europe 514 Denmark 26 France 0 Germany 3 Italy 5 Netherlands 20 Norway 180 United Kingdom 280 Others 0 Eastern Europe 19 Croatia 13 Poland 0 Romania 6 Others 0 Former Soviet Union 72 Russian Federation n.a. Others 72 Africa 283 Angola 52 Congo 26 Egypt 58

Wells drilled 2008 732 15 0 60 1 36 620 0 190 2 135 0 0 10 42 n.a. 3 537 22 0 3 6 26 183 297 0 14 7 0 7 0 77 n.a. 77 303 58 29 58

% diff. –1.0 –6.7 …. –8.3 …. –10.3 0.1 …. 18.4 –50.0 29.6 …. …. 0.0 –11.9 0.0 –4.3 18.2 0.0 –16.7 –23.1 –1.6 –5.7 …. 35.7 85.7 …. –14.3 …. –6.5 –6.5 –6.6 –10.3 –10.3 0.0

Region or Wells forecast Wells drilled % country 2009 2008 diff. Gabon 18 16 12.5 Libya 5 5 0.0 Nigeria 70 80 –12.5 South Africa 4 4 0.0 Tunisia 12 9 33.3 Others 38 44 –13.6 Middle East 213 222 –4.1 Iran 43 44 –2.3 Neutral Zone ..............................No data...................................... Qatar 68 72 –5.6 Saudi Arabia 69 73 –5.5 Turkey 2 1 …. UAE 31 31 0.0 Others 0 1 …. Far East 1,122 1,182 –5.1 Brunei 20 17 17.6 China 187 188 –0.5 India 131 125 4.8 Indonesia 238 250 –4.8 Japan 1 2 –50.0 Malaysia 165 172 –4.1 Myanmar 11 13 –15.4 Pakistan 0 0 …. Philippines 3 4 –25.0 Thailand 319 355 –10.1 Vietnam 44 52 –15.4 Others 3 4 –25.0 South Pacific 170 209 –18.7 Australia 165 203 –18.7 New Zealand 5 6 –16.7 Papua New Guinea 0 0 …. World Total 3,343 3,466 –3.6

*Some countries are estimated.

A Special Report from World Oil -6-


09

MARK YOUR CALENDAR

GULF PUBLISHING COMPANY EVENTS February:

February 3: Industry Forecast Breakfast (Rotterdam) February 3: Industry Forecast Breakfast (Calgary) February 4: Industry Forecast Breakfast (Paris) February 6: Industry Forecast Breakfast (Milan) February 9: Industry Forecast Breakfast (Aberdeen)

March:

March 31: Energy Hot Topics Forum: Industry Update from Oil & Gas Technology Leaders (Houston)

May:

May 24: Women’s Global Leadership Conference in Energy & Technology (Dubai)

August:

August 13: Marketing in the Oilfield Conference (Houston) August 27: Energy Hot Topics Forum: Downstream Conference (Houston)

September:

September 16 –17: Drilling & Completion Challenges Conference (Houston)

October:

October 15: World Oil Awards Gala (Houston)

November:

November 3 – 4: Women’s Global Leadership Conference in Energy & Technology (Houston)

December:

December 3: Energy Hot Topics Forum: 2010 Forecast (Houston) For more information about Gulf Publishing Company events or to work with us to create a new event, visit www.GulfPub.com/Events or e-mail Events@GulfPub.com. (Event topics and dates are subject to change.)


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A Special Report from World Oil -8-

world oil forcast 2009  

drilling activity outlook untill 2014