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A big year for FIDs: 2017 marks a turning point

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Report summary

There are signs of acceleration in new major upstream project sanctions - H1 2017 has already seen more FIDs than all of 2016. This is accompanied by clear evidence of improving field economics - for both IRRs and breakevens - and also changes in the type of projects that are being approved. Shorter-cycle investments and faster payback are new priorities, and this is reflected in a clear preference for brownfield, expansion and satellite developments over big new greenfield endeavours. From a company perspective, it is the Majors who are leading the way in new sanctions, and by a considerable margin.

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