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...
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Insight | Oct 2013
The end of the upstream spending boom
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