Insight
The end of the upstream spending boom
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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...
Table of contents
- 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
Tables and charts
This report includes 9 images and tables including:
- Actual and planned upstream capital spending*, 2008-2016
- Top ten* countries by upstream development spending, 2010-2016
- Global upstream spending in 2013
- Capital expenditure in US Lower 48 and Gulf of Mexico shelf, 2008-2016
- Planned upstream development expenditure* in 2013
- Deepwater development spending, 2013 and 2016
- High level trends in upstream capital cost inflation
- Top fifteen companies by forecast upstream capital expenditure* in 2014 and 2015
- Capital spending versus cost of production*, by company
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