Low prices put the brakes on the global E&P train
Low prices put the brakes on the global E&P train
- feb. 2015
- 6 p. ; 71-77
After spending several years on a plateau, the upstream industry has plunged into a downturn and looks set to endure the second recession in a 15-year global E&P spending upcycle. Last year, global spending amounted to $729 billion, but this year the Evercore ISI survey group expects that figure to drop below $700 billion. International spending, outside North America, should contract about 15%.
2
After spending several years on a plateau, the upstream industry has plunged into a downturn and looks set to endure the second recession in a 15-year global E&P spending upcycle. Last year, global spending amounted to $729 billion, but this year the Evercore ISI survey group expects that figure to drop below $700 billion. International spending, outside North America, should contract about 15%.
2
