Underspend threatens upstream corporate growth

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Investment by 52 leading IOCs and NOCs in our Corporate Service is at a very low ebb. Four years of deep capital rationing has had a severe impact on resource renewal, particularly in the conventional sector. The result is a corporate sector divided in two: the US tight oil ‘haves’ with a strong outlook for investment and growth; and the ‘have nots’, many of which lack a hopper of substance. We analyse how the lack of investment has impacted growth prospects and look at the options for companies to sustain production next decade.

Table of contents

  • Executive Summary
  • Upstream growth in jeopardy?
  • Investment has collapsed and future spending is trending down
  • Over half of companies are failing to replace production
  • Conventional growth hoppers have shrunk
  • while US tight oil resource grows, and grows, and grows
  • Production problems loom next decade
    • 1. Contingent resource commercialisation: 3 million boe/d risked potential
    • 2. Conventional exploration: 6 million boe/d but unevenly distributed
    • 3. M&A: growth pressures will trigger more consolidation
  • Additional investment of over US$1 trillion will be needed
  • Conclusion
  • Appendix

Tables and charts

This report includes 10 images and tables including:

  • Companies analysed, broken down by peer group

What's included

This report contains:

  • Document

    Underspend threatens upstream corporate growth

    PDF 1.02 MB

  • Document

    Is the industry investing enough - presentation with Q&A.pdf

    PDF 1.15 MB