Energy majors to up E&P spending by 20-30% next year

摘要

So predicts John Jeffers, Group Development Director for Oil & Gas at Canadian EPC firm SNC-Lavalin. Mr. Jeffers said he believes the uptick in spending will be driven by higher oil and gas prices combined with majors having worked to reduce expenditures (CAPEX) and operational expenditures (OPEX) in recent years due to lower prices. Mr. Jeffers also points to fact that daily rig rates have come down from the $120K peak seen several years ago to $50-60K currently, and that this will help support increased E&P spending. Jeffers also sees the majors looking to boost reserves next year via acquisitions of small- and medium-sized companies. "Oil majors can no longer stay away from building reserves. It is a matter of their standing in the global businesses." Mr. Jeffers added he sees crude prices averaging between $52-58/bbl next year.