Upstream spending to remain 26% below 2019 levels IOC’s upstream pullback gives more space to NOCs More clean energy spending needed to hit climate goals Upstream oil and gas investment is expected to rise by about 10% in 2021 as companies recover from the financial shock of COVID-19, but spending will remain well below pre-crisis levels and is being outpaced by surging investment in renewable power, according to the International Energy Agency. Total estimated upstream spending of $351 billion this year remains 26% lower than 2019 levels and will be behind the $367 billion earmarked for renewable power projects in 2021, the IEA said in its annual World Energy Investment report. With oil and gas producers coming under increasing pressure to prioritize spending on cleaner energy, listed companies were expected to continue making up a shrinking […]