Upstream operators are set to sanction up to 50 new large oil and gas projects next year, up from 40 in 2018, with deepwater oil developments in Guyana and Brazil and liquefied natural gas (LNG) projects leading the way, energy consultancy Wood Mackenzie said this week. ‘Capital spending discipline’ will continue to be most of the companies’ key words for 2019, and this conservative expenditure approach since the 2014 oil price crash has made upstream players well prepared to withstand oil price turbulence next year, according to WoodMac. On the flip side, continued capex discipline has resulted in significantly reduced upstream investments during the downturn. Although investment in oil and gas exploration and production next year is expected to grow from the lows of 2016 and 2017, it won’t be enough to guarantee projects with resources capable of meeting future demand growth and at the same time to offset […]