Global oil, gas capital expenditure breaks $1 trillion barrier.
Investor confidence in new upstream projects is being driven by the increasing number of oil and gas discoveries (242 last year alone), combined with consistently high oil prices and the arrival of new technologies that are giving the major firms access to deep offshore reserves that were previously technically and financially unviable.
GlobalData reported that national oil companies are expected to lead in terms of capex, contributing approximately half of the total, with integrated oil companies and independents making up the remainder. NOCs including Petroliam Nasional Berhad, China Petroleum & Chemical Corporation and Petrobras plan on substantially increasing their E&P spending this year.
In terms of capital expenditure for the 2012-2016 period, Petrobras ranks first globally amongst NOCs and ExxonMobil Corp. is expected to be the number one IOC. Together, these two plan to undertake a massive oil and gas capex of $409 billion through to 2016.
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|Publication:||Pipeline & Gas Journal|
|Date:||Oct 1, 2012|
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