OIL 2O17: Analysis and Forecasts to 2O22

Global oil and gas upstream investment fell by 25% in 2015 and by another 26% in 2016, affecting the major oil companies and smaller independents alike. In 2017 there are modest signs of recovery led by higher investment in the US light tight oil region. Alongside falling prices, costs have dropped significantly: we estimate that global upstream costs declined by 15% in 2015 and 17% in 2016. For their part, US light tight oil (LTO) producers saw even more striking cost reductions of 30% in 2015 and 22% in 2016. This also gives a clear indicatio

Source: iea.org