Global upstream spending at record levels

摘要

Helen Robertson, LONDON: Global upstream spending has risen by 10% this year to a record $550 billion, driven higher by soaring investment in US tight-oil projects, Wood Mackenzie, the energy consultancy, has said in a new report. In the report, Upstream capital spending - how high can it go?, Wood Mackenzie estimates total upstream spending has risen by $55 billion this year. Around 30% of that was spent in the US alone, with two-thirds of the US spend channeled to unconventional projects. Global spending is set to follow the same trend. Next year, 28% of total global upstream investment is expected to go towards unconventional projects.