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