Highlights 2021 investment down 23% from 2019 Next 2 years ‘critical’ to restore output: study Permian remains ‘growth engine’ for US More investment is needed in the upstream oil and gas sector not only to sustain production as global demand grows but to drive the transition to cleaner energies, conference panelists said Dec. 7.
Oil and gas investment declined in 2020 and 2021 because of the pandemic, which is a “recipe for more volatility,” Joseph McMonigle, secretary-general for the International Energy Forum, said on a panel at the World Petroleum Congress. “Capex cuts by international oil companies and national oil companies in 2020 was about 35%,” he said. “We’re now showing another 23% reduction in capex levels” from pre-pandemic levels this year. In 2019, E&P companies spent $525 billion, an amount which plummeted to $341 billion in […]