Insight
Class of 2023: benchmarking this year's upstream FIDs
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
After a year of high oil and gas prices and record cash flows, most upstream operators are in good financial health. But companies will remain disciplined as ongoing cost inflation erodes project economics. Some developments will be re-evaluated, and possibly delayed, as a result. Overall, the NOCs will dominate the class of 2023, taking advantage of discovered resources and lower unit costs. IOCs will largely take advantage of higher return deepwater projects. But they will also continue to face scrutiny on emissions, mitigation and investment in new oil and gas projects.
Table of contents
- Executive summary
-
Slides and key messages
- Summary and context
- Up to 40 projects will be ready for FID in 2023
- Major projects that could reach FID continue to be oil weighted
- Up to US$180 billion of investment and 27 billion boe will be sanction-ready in 2023
- Project economics
- Brent breakeven prices will average US$49/bbl (NPV15) in 2023
- IRR and payback remain key economic metrics to determine commercial viability
- Deepwater capex per boe is the highest among all resource themes
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
What's included
This report contains:
Other reports you may be interested in
Insight
US upstream in brief: Mitsubishi makes a US$7.5 billion Haynesville power play
The US week in brief highlights the need-to-know current events from US upstream. Stories are supplemented with proprietary WoodMac views.
$1,350
Country Report
Japan upstream summary
The country relies heavily on LNG and oil imports to meet its energy needs: Japan's domestic oil and gas production makes up for ...
$4,080
Country Report
Angola upstream summary
Sub-Saharan Africa's second-largest oil producer is expecting more FIDs and increasing capital investment. Fiscal improvements have helped.
$11,340
