A Worldwide Leader in Independent Engineering and Geological Services

GLJ Petroleum Consultants Ltd. is a premier international oil and gas resource consulting firm. We have a team of over 70 dedicated professionals with the experience, expertise, and reputation to handle any petroleum resource assessment worldwide.

Along with extensive industry experience in conventional international and Canadian oil and gas project evaluations, we also specialize in detailed assessments of unconventional resources. Follow this link to a map of our global experience.

GLJ’s in-depth industry knowledge and distinguished reputation benefits a diverse group of clients from small business to large integrated multi-national companies and national oil companies, as well as financial institutions. Our dedicated team of engineering and geoscience professionals is committed to providing unparalleled customer service, and our flexible proprietary software allow us to customize results to suit unique needs.

GLJ Releases April 1, 2015 Pricing

Our Brent and WTI oil price forecasts are down from the previous quarter in both the near term and long term. Crude supplies are high, and we expect both near and longer term supply costs to retreat somewhat as the industry experiences cost deflation and further rig and operating efficiencies make their way into new and existing projects. In addition, during the past six months, OPEC has provided a new source of uncertainty into crude markets for the foreseeable future by indicating they will not restrict supply indefinitely to maintain high prices when they believe their market share to be at risk. Global crude oil demand is still rising, but at a modest pace, and we see no significant demand catalysts on the horizon. Our long term Brent and WTI forecasts are now 85.00 USD/bbl and 82.50 USD/bbl, respectively, in real 2015 dollars.

Our near and long term Henry Hub gas price forecasts are also down from last quarter on weaker market prices, record US production levels this winter and no apparent supply risks on the horizon. Our long term Henry Hub forecast is now 4.25 USD/MMBtu in real 2015 dollars.

Our outlook on the USD/CAD exchange rate has dropped yet again to 0.80 in 2015, 0.825 in 2016 and 0.85 thereafter, on continued weaker commodity-driven demand for Canadian dollars and a US dollar that has appreciated further in the past quarter relative to most other world currencies. This weaker exchange rate continues to lift commodity prices in Canadian Dollar terms and can be seen as an operational advantage of Canadian producers, whose costs are primarily in weaker Canadian Dollars, over their US counterparts. Our inflation forecast remains unchanged at 2%.

Details are presented in our April 1, 2015 Commodity Price Report and Pricing Tables.

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