US Seen Leading Global Upstream Spending Lower

摘要

Capital spending in the global upstream oil and gas business is expected to fall sharply for a second consecutive year in 2016, led by particularly sharp cuts in exploration and production budgets in the US, according to investment bank JP Morgan. According to a survey of budget data from 100 oil and gas producers around the world--18 national oil companies (NOCs), 16 international oil companies (IOCs) and 66 independent producers--their combined upstream capex will fall by 23% in 2016.