-
Can upstream deliver the oil and gas supply the world needs?
Upstream oil and gas is enjoying a new lease of life. But with investment spend well below past highs, is the industry investing enough to fulfil its critical role of delivering enough supply to meet the rise in demand we expect over the next decade? I asked our Upstream experts, Fraser McKay and Ian Thom, who addressed this very question in our July Horizons. Where is upstream in the investment cycle? In the third year of a new upcycle. Global development spend will be around US$490 billion in 2023, up from the 2020 low of US$370 billion (in 2023 terms). Recovering demand, firmer prices, availability of cash flow ... (full story)