rger change: the construction of more than $40 billion in oil pipelines now under way or planned for the next few years, according to energy adviser Wood Mackenzie. "We are in effect re-plumbing the country," says Curt Anastasio, chief executive of NuStar Energy LP, NS +0.58% a pipeline company in San Antonio.

in Texas, North Dakota and Canada's Alberta province. "All of the pipes are pointed in the wrong direction," says Harold York, an oil researcher at Wood Mackenzie. "We are turning the last 70 years of oil-industry history in North America on its head, and we are turning it on its head in the next 10 to 15 years

arger change: the construction of more than $40 billion in oil pipelines now under way or planned for the next few years, according to energy adviser Wood Mackenzie. "We are in effect re-plumbing the country," says Curt Anastasio, chief executive of NuStar Energy LP, NS +0.58% a pipeline company in San Antonio. O

n in Texas, North Dakota and Canada's Alberta province. "All of the pipes are pointed in the wrong direction," says Harold York, an oil researcher at Wood Mackenzie. "We are turning the last 70 years of oil-industry history in North America on its head, and we are turning it on its head in the next 10 to 15 years

K Guardian<http://www.guardian.co.uk/business/2012/mar/12/lockheed-jet-fighter-thousands-uk- jobs> EFTA00418139 Charterhouse eyes up £lbn sale of Wood Mackenzie Telegraph<http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9139538/Charterhous e-eyes-up-lbn-sale-of-Wood-Mackenzie.html> Diageo ch

a drop of -25% in the value of the Krone YoY. If we assume that 20% of spend in the NCS is denominated in local currency (a rough estimate used by Wood Mackenzie for offshore fields driven chiefly by labor costs) the FX tailwinds from the devalued NOK will contribute -4% of a targeted 20% (as an example) red

removal), 2) the actual amount of floating storage holding Iranian barrels (IEA references reports suggesting -30 mmbbl's, or 180kb/d for 6 months. Wood Mackenzie offers a smaller estimate), 31 the amount of reservoir and facility degradation in the key mature oil fields (main source of Iranian crude producti

ent of the oil and gas pipelines production is expected to ramp to -400 mboe/d. Completion of pipeline replacement work is targeted for 2H2016 with Wood Mackenzie anticipated first oil production by mid-2017, reaching - 300 mboe/d by 2019. Figure a% Key growthProject;. 2014-2020 Valed urea., C..etro 1•04(

ess on the lowering of the cost curve and a higher level of conviction in the sustainability of higher crude prices. • Extension of Rig Contracts: Wood Mackenzie estimates that -28 DW GoM rig contracts are set to expire over the next 3 years. About 1/3 of the rigs to expire in 2015 have already been released

ger- term growth will be supported mostly by the heavy crude producing Ku- Maloob Zaap fields (Ayatsil and Tekel) in the Northeastern business unit. Wood Mackenzie estimates a production start in 2017 with peak production of oil reaching -102 mboe/d by 2021. The fields are expected to be tendered as part of Me

sive layoffs (a macro rather and a company-specific concern). But the key question about asset sales has to do with undeveloped pre-salt reserves. Wood Mackenzie estimated in 2014 that Petrobras could have about 25bn barrels of crude oil recoverable reserves in its pre-salt fields and estimated that they cou

sive layoffs (a macro rather and a company-specific concern). But the key question about asset sales has to do with undeveloped pre-salt reserves. Wood Mackenzie estimated in 2014 that Petrobras could have about 25bn barrels of crude oil recoverable reserves in its pre-salt fields and estimated that they cou

% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% CAGR 2015 - 2020E 2016E Note: *excludes investment demand Source: Deutsche Bank Research, Wood Mackenzie, Platinum* Aluminium Nickel Copper Zinc EFTA01476148 Lead Iron ore Oil EFTA01476149 8 December 2015 World Outlook 2016: Managing with l