• 4 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 7 minutes Oil prices forecast
  • 11 minutes Algorithms Taking Over Oil Fields
  • 14 mintues NIGERIAN CRUDE OIL
  • 26 mins Socialists want to exorcise the O&G demon by 2030
  • 1 hour UK, Stay in EU, Says Tusk
  • 14 hours How Is Greenland Dealing With Climate Change?
  • 59 mins German Carmakers Warning: Hard Brexit Would Be "Fatal"
  • 9 hours Venezuela continues to sink in misery
  • 20 hours BofA Sees Oil at $35-70
  • 22 hours China Car Sales Plummet: Can Musk Unshovel His Groundbreaking?
  • 1 day How Much Oil Does Aramco Have?
  • 18 hours Regular Gas dropped to $2.21 per gallon today
  • 17 hours "Peace Agreement" Russia vs Japan: Control Over Islands Not Up For Discussion
  • 4 hours Solid-State Batteries
  • 3 hours Orphan Wells
  • 17 hours WSJ: Gun Ownership on Rise in Europe After Terror Attacks, Sexual Assaults

Oil Industry Spending May Soon Rebound

Dock

Friday January 5, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Capex slightly bottoming out

(Click to enlarge)

- Upstream capital and exploration expenditures among E&Ps is nearing a rebound, but the increase from 2016 lows are a drop in the bucket compared to how far spending has fallen from 2014 levels.

- Spending hit $900 billion in 2014, but had plunged by nearly half two years later. Rystad energy predicts that spending will bottom out this year at $510 billion, essentially flat since 2016 when spending dropped to $512 billion.

- North American spending saw the sharpest decline, but also saw a rebound in 2017 by 18 percent.

- North America will also see the largest growth going forward at 8 percent CAGR through 2025.

- The steep spending declines has translated to the lowest volume of new oil discovered in seven decades. At only 7 billion barrels of oil equivalent discovered in 2017, it was the worst total since the 1940s.

2. Permian production per-rig declining

(Click to enlarge)

- The amount of oil produced per rig in the Permian basin is declining, with 10 consecutive months in a row of falling production-per-rig. On its face, that appears to…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



Oilprice - The No. 1 Source for Oil & Energy News