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Global Upstream Update: our favourite slides and topics – May 2022

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18 May 2022

Global Upstream Update: our favourite slides and topics – May 2022

Report summary

We have increased our long-term Brent assumption to US$60/bbl, boosting NPV by over one third. Governments are taking notice of record-level corporate profits, and windfall taxes are a hot topic. With substantial geopolitical risk priced-into oil and gas, operators and service companies are wary of losing discipline and investing heavily in long payback projects. Price is the key driver of profitability, but aggressive cost inflation will temper expectations. Unit costs will rise 10-18% globally and 15-20% in the Lower 48 this year. Absolute spend levels were already recovering to pre-pandemic levels before Russia’s invasion of Ukraine. Project sanctions in 2022 will be back to 2018 levels; 75% of these projects’ reserves are liquids.

Table of contents

  • Executive summary

Tables and charts

This report includes 1 images and tables including:

  • Updated price assumptions - Brent increases to US$60/bbl long-term

What's included

This report contains:

  • Document

    Upstream Update Our Favourite Slides And Topics May 2022.pdf

    PDF 3.10 MB