How will the global upstream sector navigate through another volatile, uncertain, complex and ambiguous year? Wood Mackenzie's upstream teams addressed this question via a collective report looking at the key items to watch for in 2016. Capital budgets will be further cut and only the most robust, or strategically important, new projects will get the green light. As companies re-shape their portfolios for the lower oil price environment, exploration spend will be hit hard, to less than half of the 2014 peak.
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