How much does the oil and gas industry need to spend?
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Report summary
Table of contents
- Upstream spend needs to increase, but not as much as you might think
- Year one of a three-year recovery?
- Cost efficiency, not less activity, is the primary driver of lower spend
- US investment is structurally lower; Qatar will lead the recovery
- LNG and deepwater spend could exceed pre-covid levels by 2023
- NOCs recovering fastest; Majors won’t return to historical levels
- Demand peaks at more than 200 million boe/d in the 2030s
- Annual average of US$400 billion (in 2021 terms) required
- North America, Middle East and Russia/Caspian will remain dominant
- How will US tight oil investment respond to prolonged high oil prices?
- Accelerated Energy Transition scenarios highlight potential downsides
- Substantial investment needed, even in an accelerated energy transition
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