Class of 2023: benchmarking this year's upstream FIDs
Report summary
Table of contents
- Executive summary
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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
- Emissions and decarbonisation
- Scope 1 and 2 emissions intensities broadly similar to the class of 2022
- Deepwater is advantaged as it offers both lower emissions and higher post-tax returns
- Value at risk
Tables and charts
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