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 cost of maintaining production
  • The prospect of steady growth

Tables and charts

This report includes 9 images and tables including:


  • Top ten* countries by upstream development spending, 2010-2016


  • Actual and planned upstream capital spending*, 2008-2016
  • 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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