Highlights Global upstream capex seen rising 5% in 2018 US shale expected to turn profitable in 2018 Exploration capex slumps to record low London — Global oil and gas sector spending is expected to grow modestly for a second year in 2018 helped by an ongoing shift to short-cycle, quick-return projects which are underpinning the resurgence of US shale, the International Energy Agency said Tuesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Following a decline of more than 40% between 2014 and 2016, global upstream investment rebounded modestly in 2017 by 4% to $450 billion in nominal terms and is set to increase by 5% to $472 billion in 2018, the IEA said in its latest annual World Energy Investment report. The emphasis on shorter-cycle projects to maximize earnings during the oil price downturn has led to a shift in investment away from offshore […]