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.
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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