Global upstream capex was $434bn in 2016, a multi-year low. This was down 25% from 2015 and 40% below the 2014 peak of $730bn, according to the IEA’s ‘World Energy Investment 2017’, released last week.
Upstream spending is two-thirds of total oil and gas investment, which fell by 26% to $650bn, a cumulative 2014-16 fall of 38%. Global spending on pipelines fell by 15% to $130bn whilst that on LNG fell to $25bn in 2016 from $35bn in 2014 and 2015. (CONTINUED - 1968 WORDS)
