Oil price crash: deep cuts in upstream investment

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The upstream oil and gas sector faces unprecedented uncertainty. It is clear oil companies must act quickly. We expect cuts to discretionary investment to be immediate and deep. Global spend could fall by more than 25% year-on-year. Large new projects will be put on hold and short-cycle discretionary investment will be dialled back to the bare minimum. Spend on projects under development and onstream will also be targeted. Exploration will be trimmed; operating costs and G&A will be under intense scrutiny. Only the lowest-cost producers with the strongest finances will be in a position to make meaningful discretionary investments.

Table of contents

Tables and charts

This report includes 7 images and tables including:

  • Global annual upstream development capex by status
  • Number of major project FIDs by year, 2020 risked
  • Breakeven oil price of 2020 pre-FID projects
  • Capex per flowing boe
  • New project approvals
  • US Lower 48 liquids cost curve
  • US Lower 48 capital spend

What's included

This report contains:

  • Document

    Oil price crash: deep cuts in upstream investment

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