Japan sees the current low oil price environment creating "a significant chance for acquiring [upstream] stakes and assets," as well as the need to facilitate upstream investments amid slowing investments globally, Yuki Sadamitsu, director of the oil and gas division at the Ministry of Economy, Trade and Industry said in an interview with S&P Global Platts last month.

ConocoPhillips has set its 2017 capital expenditures guidance at $5 billion, down 4% compared with its 2016 guidance of $5.2 billion and less than half of its 2015 capex and investments that totaled $10.1 billion. The firm recently cut its 2016 capex from $5.5 million.

Total investment in oil and natural gas extraction in Norway was 21% lower in the first half of 2016 compared with the first half of 2015, a decline of about 20.9 billion Norwegian kroner (US $3.5 billion). However, investment cuts have affected some segments of the industry more than others.

After a decade of volatile GDP growth and steadily increasing gas and power demand, Mexico continues to progress toward an unbundling of the monopolies Pemex and CFE once held over its gas and power sectors. According to a recent study by Wood Mackenzie, these reforms have created the potential for approximately US$415 billion in investment over the next two decades as the country builds pipelines, develops a renewables market to meet clean energy targets, and sets the stage for M&A.

Big companies responded with big cuts. BP, Eni and their peers cut exploration spending by 35% in 2015 compared with 2013, Wood Mackenzie’s data show. Many projects now focus on lower-risk, lower-reward prospects as companies hope for incremental gains near existing infrastructure that they can bring online quickly and cheaply.

He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.

However, Russian oil and natural gas companies’ capital investment programs have been less affected, if at all.

Deputy Minister of Petroleum Ali Kardor said that National Iranian Oil Company (NIOC) has released its first tender announcement for verification of the qualifications of foreign bidders.

Brazil hopes the rules changes will attract foreign oil companies with resources that the scandal-plagued, debt-ridden Petroleo Brasileiro does not have.

Paolo Scaroni, the former chief executive of Italy’s Eni SpA, said Iran is able to pump as much as 4.1 million to 4.2 million barrels daily.