Mounting uncertainty about the energy transition keeps oil and gas companies from spending more Strategic choices in investment in clean energy solutions, responding to the pressure to decarbonize, and portfolio repositioning will be next year’s key themes for all oil and gas companies WoodMackenzie: Companies will allocate more capital to upstream decarbonisation The global upstream sector is set for a rebound next year, when overall investment in exploration and production is expected to exceed $400 billion for the first time in three years. Yet, despite record high cash flows and oil at over $70 a barrel, reinvestment rates will stay at near record low levels in 2022, as companies will maintain discipline in spending and pay more attention to climate and shareholder pressure to decarbonize operations, Wood Mackenzie said in its Global Upstream Outlook 2022 report. After a year of recovery in 2021, following the crash and crisis of […]