Industry Themes November 2013

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Report summary

This month we focus on capital expenditure. Upstream development spend increased again in 2013, at a year-on-year rate of 5%, to around US$620 billion. When operating costs and exploration spend are added, upstream total expenditure will exceed US$1 trillion for the first time. Our outlook shows growth in US expenditure, tight oil in particular, leading the way and offsetting falls in Canadian oil sands and Australian LNG investment.

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