Near-term upstream investment slashed by US$370 billion since oil price fall
It is two years since the dramatic fall in oil prices, and the impact on upstream development investment has been enormous. Since Q4 2014, we have removed US$370 billion (30%) of capital expenditure across 2016 and 2017. Looking further out to 2020, the number is approaching double that. The deepest cuts are in Lower 48, where capital investment has halved in 2016-17, falling by US$125 billion since 2014. The Middle East has generally been less impacted - with no drop in Saudi Arabian investments in 2016/17.
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Deepwater investment plunges by nearly 40%
Oil sands – high breakevens prompt spend reduction by a quarter