Name: OPEC upstream investment: Middle East growth offsets African declines
Brand: Wood Mackenzie
SKU: 90556
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Author: Wood Mackenzie

Insight 23 July 2018

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            <h3 class="mega store_featured_content_extrabold store_font_black">Report summary</h3>
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OPEC spare capacity continues to be a key lever to help balance the oil market. But this capability does not come for free. It takes large-scale, long-term investment to maintain. OPEC is not shying away from this obligation, and is projected to invest US$377 billion in its upstream oil sector over the next five years. The Middle East, with its vast onshore resources, will be the focus of this investment, offsetting declines across other OPEC nations. African members continue to struggle. For them the worst may be over, but the road to recovery is long.</div>
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                    <h3 class="alpha push-half--bottom">Table of contents</h3>

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            Executive Summary
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        <ul id="9db9ea3e-2298-42f7-8fc4-bf7a56d7e8eb" class="panel-toggle push-half--left push-half--bottom">
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        OPEC investment: US$377 billion over the next five years
    </li>
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        The Middle East weathered the storm
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    <li class="push-quarter--bottom">
        African investment collapsed and its recovery will be slow
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        OPEC production: growth driven by the Middle East
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        Middle East benefits from low-cost onshore production
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        Africa relies on the Majors and will need to fight for investment dollars
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        Investment leads to increased OPEC capacity
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<h3 class="alpha push-half--bottom">Tables and charts</h3>

<p class="push-half--bottom">This report includes the following images and tables:</p>

<ul class="list list--bullets">
         <li class="list__item push-quarter--bottom">OPEC capital investment in oil fields</li><li class="list__item push-quarter--bottom">Deepwater pre-FID projects</li><li class="list__item push-quarter--bottom">Annual average OPEC decline rates</li>
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        <ul class="list list--bullets panel-toggle" id="50155c6a297940a8be17474bc48cbf98">
            <li class="list__item push-quarter--bottom">OPEC oil production by region</li><li class="list__item push-quarter--bottom">OPEC oil produced versus reserves and unrisked resources</li><li class="list__item push-quarter--bottom">2023 cost of production (capex plus opex) by resource theme</li><li class="list__item push-quarter--bottom">Majors investment by OPEC region</li><li class="list__item push-quarter--bottom">Regional NOC investment by OPEC region</li>
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<h3 class="alpha push-half--bottom ">What's included</h3>
<p class="push-half--bottom ">This report contains:</p>
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<p class="font-regular" >OPEC upstream investment: Middle East growth offsets African declines</p>
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