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Impact of oil price on upstream investment, costs and production in Asia Pacific

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Report summary

Since the oil price crash Wood Mackenzie's Asia Pacific upstream capex forecast is down 21% (US$39 billion) in 2016 2017 versus our view in Q4 2014. The biggest factor in the reduced spend is not cost deflation but the deferral of investment in brown and greenfield projects and as a result the region loses output of 1.6 million boe/d through to 2020. E&A spend has plummeted as well despite a reduction in well costs of over 40% from 2014 levels. In the current environment key project decisions are unlikely to be made before 2017.

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