PICRYL
Specifically, funding for oil exploration and production will decline by 6%, whereas investments in gas will see a modest rise.
IEA analysts state that this trend is driven by oil companies' aim to boost the proportion of gas projects in their portfolios. “Some of the investments in gas production will go toward continuing LNG projects, which have already seen considerable expenditures, making them less affected by the recent price decline and the uncertain investment environment,” the report states.
Simultaneously, worldwide investment in refining is set to decline to a historic low of under $30bn. Only 1 million barrels per day of new capacity will come online, while several refineries will be shut down by a comparable volume.
The IEA highlights that finding methods to enhance and mitigate the decline in output at current fields is the primary focus for oil and gas investments this year, representing approximately 40% of their total volume.
source: iea.org
IEA analysts state that this trend is driven by oil companies' aim to boost the proportion of gas projects in their portfolios. “Some of the investments in gas production will go toward continuing LNG projects, which have already seen considerable expenditures, making them less affected by the recent price decline and the uncertain investment environment,” the report states.
Simultaneously, worldwide investment in refining is set to decline to a historic low of under $30bn. Only 1 million barrels per day of new capacity will come online, while several refineries will be shut down by a comparable volume.
The IEA highlights that finding methods to enhance and mitigate the decline in output at current fields is the primary focus for oil and gas investments this year, representing approximately 40% of their total volume.
source: iea.org