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10 Pages

The end of the upstream spending boom

The end of the upstream spending boom

Report summary

Since the financial crisis in 2009, global upstream spending has been booming, with annual growth rates between 13% and 15%.  Development expenditure increased again in 2013, but at a slower rate – less than 5% - to around US$620 billion. When operating costs and exploration spend are added, the upstream total will exceed US$1 trillion for the first time. Over the next three years, we expect investment to remain flat or register modest growth, as the spending boom subsides.  The spending...

What's included?

This report includes 1 file(s)

  • The end of the upstream spending boom PDF - 631.31 KB 10 Pages, 1 Tables, 8 Figures


This Upstream Oil and Gas Insight report highlights the key issues surrounding this topic, and draws out the key implications for those involved.

This report helps participants, suppliers and advisors understand trends, risks and issues within the upstream oil and gas industry. It gives you an expert point of view to support informed decision making.

Wood Mackenzie's 500 dedicated analysts are located in the markets they cover. They produce forward-looking analysis at both country and asset level across the globe, backed by our robust proprietary database of trusted research.

Proprietary data means a superior level of analysis that is simply not available anywhere else. Wood Mackenzie is the recognised gold standard in upstream commercial data and analysis.

  • Executive Summary
  • The pace of growth slows
  • US unconventionals set the pace
  • Deepwater races ahead
  • Cost inflation slows - in some areas
  • The corporate leaders
    • The cost of maintaining production
  • The prospect of steady growth

In this report there are 9 tables or charts, including:

  • Executive Summary
  • The pace of growth slows
    • Actual and planned upstream capital spending*, 2008-2016
    • Top ten* countries by upstream development spending, 2010-2016
    • Global upstream spending in 2013
  • US unconventionals set the pace
    • Capital expenditure in US Lower 48 and Gulf of Mexico shelf, 2008-2016
    • Planned upstream development expenditure* in 2013
  • Deepwater races ahead
    • Deepwater development spending, 2013 and 2016
  • Cost inflation slows - in some areas
    • High level trends in upstream capital cost inflation
  • The corporate leaders
    • Top fifteen companies by forecast upstream capital expenditure* in 2014 and 2015
    • Capital spending versus cost of production*, by company
  • The prospect of steady growth
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