BMI View: Although output at the key ACG field has largely been stabilised, the recovery in oil production is on track to be temporary, with gains from the Chirag Oil Project due online by 2014. While new output - including liquids from the major gas projects – holds upside, our current forecast calls for oil production to peak by 2019 and trend lower. We continue to be more optimistic in our outlook on gas, although we highlight that a critical shortage of rigs is slowing exploration and appraisal of existing discoveries. Absent a strong pipeline of upstream projects, we expect …
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