Investment into exploration and production is waning as major offshore drilling programmeshave concluded, though field redevelopment projects continue over the short term. The Domino project wasdelayed by two years following a delayed first investment decision target-date, pushing back an increase ingas production to 2022. Refinery output demand and fuels demand have improved on the back of lower oilprices.
Latest Updates And Key Forecasts
With major offshore drilling programmes having ended in late 2015, and a slow-down in onshoredevelopment plans, upstream exploration was limited in 2016 and will remain modest in 2017.
Last quarter we pushed back first production at the Domino project to 2022 after recent company updateshighlight a final investment decision (FID) will not occur before 2019. As of July 2017, there are norecent updates on the project. In its overall 2016 annual report, OMV reported they completed theexploration drilling campaign for Domino, which included seven wells drilled and a well test. No newmentions of FID dates were made.