Insight
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:
Other reports you may be interested in
Insight
Global Upstream Update: our favourite slides and topics – March 2024
Key themes: innovating to reduce risk, focusing on new projects, overcoming growth roadblocks
$1,350
Insight
Global Upstream Update: our favourite slides and topics – December 2023
Key themes: dealing with instability; pursuing efficiency; investment dichotomies
$1,350
Insight
Global Upstream Update: our favourite slides and topics – November 2023
Key themes: megadeal implications; mixed gas market fortunes; emissions reduction pathways
$1,350