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Upstream Spending Recovers But Below Pre-Pandemic Levels

OIL
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Global upstream spending recovered strongly in 2022 but remained below pre-pandemic levels, according to S&P Global.

  • Investment in major non-OPEC upstream projects excluding Russia was $451m in 2022, up 19% from $381m in 2021 and 29% higher than 2020 according to S&P Global data. Investment averaged $690m in 2010-2014.
  • Concern for future supply is fuelled by the commitment of producers to capital discipline over production increases.
  • Increasing industry costs, supply chain constraints and longer term renewable energy aims have also limited upstream spending.
  • Only seven oil projects were sanctioned in 2016 and 2020 leading to a potential supply shortfall in coming years. In 2022 14 major non-OPEC oil projects were sanctioned with 16 in 2021.
  • The global oil industry needs to add 5mbpd of new production capacity each year to offset natural declines according to OPEC.


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Global upstream spending recovered strongly in 2022 but remained below pre-pandemic levels, according to S&P Global.

  • Investment in major non-OPEC upstream projects excluding Russia was $451m in 2022, up 19% from $381m in 2021 and 29% higher than 2020 according to S&P Global data. Investment averaged $690m in 2010-2014.
  • Concern for future supply is fuelled by the commitment of producers to capital discipline over production increases.
  • Increasing industry costs, supply chain constraints and longer term renewable energy aims have also limited upstream spending.
  • Only seven oil projects were sanctioned in 2016 and 2020 leading to a potential supply shortfall in coming years. In 2022 14 major non-OPEC oil projects were sanctioned with 16 in 2021.
  • The global oil industry needs to add 5mbpd of new production capacity each year to offset natural declines according to OPEC.