Insight

US$153 billion cut from global upstream capital expenditure... so far

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Report summary

In response to the dramatic collapse in oil price, Wood Mackenzie has reduced its total global upstream capital expenditure (CAPEX) in 2015 and 2016 by US$153 billion. This represents a cut of 13%, from US$1.2 trillion to US$1 trillion, relative to our previous dataset. The deepest cuts come in the US Lower 48, but all regions are affected. More reductions are expected as companies continue to report upstream budgets.

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    US$153 billion cut from global upstream capital expenditure... so far

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Table of contents

  • Discretionary spend will be the first to go
  • US Lower 48 – where cuts have been quickest and deepest
  • Deepwater investment takes a plunge
  • Oil sands – spending to drop off slightly
  • LNG – impact yet to be felt
  • Wood Mackenzie’s response to the oil price drop

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