Natural Gas News – December 17, 2018
Natural Gas News – December 17, 2018
Russia has Highest Capex on Crude and Natural Gas Projects in Former Soviet Union Over Next Seven Years, Says GlobalData
Oil Voice reported: Russia accounts for more than 90% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the Former Soviet Union (FSU) over the period 2018–2025, according to GlobalData, a leading data and analytics company. The company’s report: ‘H2 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in FSU – Russia Accounts for Most of Capex in Region’ reveals that Russia leads in the FSU with a capex of US$92.8bn on 47 planned and announced projects during the 2018–2025 forecast period. Of the total count, 22 are planned and 25 are announced projects. For more on this story visit oilvoice.com or click https://bit.ly/2PFNuDK
New Oil, Gas Projects to Accelerate Next Year
Reuters reported: The number of new oil and gas projects will rise five-fold next year from a 2015 trough but overall spending is still unlikely to be enough to meet future demand, consultancy Wood Mackenzie said in a report. Shaken by a sharp drop in oil prices in recent months, boards are generally expected to stick to spending discipline imposed following the 2014 price crash. Global investment in oil and gas production, known as upstream, is expected to reach around $425 billion next year, according to WoodMac analyst Angus Rodger. That compares with a total spending of $770 billion in 2014, which dropped to $400 billion in 2016 and 2017. Although spending levels have slightly recovered since then, next year’s capital expenditure will still fall short of the $600 billion required to meet demand growth and to offset the natural decline of output from fields, Rodger told Reuters. A handful of the world’s top oil companies, including U.S. giants Exxon Mobil and Chevron, said they would boost spending next year as they accelerate developments of highly-productive shale fields. For more on this story visit reuters.com or click https://reut.rs/2UY1FIe
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