I think there will be a number of big stories that will develop in 2014 but I’m focusing here on just two. One is about supply and price, and the impact they might have on activity going forward. The other is about fracking in the US and UK/Europe.
The impending lifting of the economic sanctions imposed on Iran, along with an increase in exports from Iraq and Libya, could create a flood of oil in the global marketplace, starting possibly from the second half of the year, and that would affect oil price. Of course, a surge in demand could offset a price fall, but I suspect 2014 will be a busy year for OPEC as it seeks to keep its members in check and production levels at the optimum.
The fracking story will continue to be big news. The UK Government has already expressed support for the sector. Will we see planning applications going through in 2014? In the US we may learn more about how big the fracking market really is, as the country looks to energy self-sufficiency.
Elsewhere, I expect to hear news about developments in Sub-Saharan Africa and the growing global subsea market, while the potential development of the Arctic will also be a big issue.