GLOBAL INVESTMENT DOWN $1 TLN
According to OGJ, global upstream development spending from 2015 to 2020 has declined 22%, or $740 billion, since fourth-quarter 2014. Including cuts to conventional exploration investment, the figure increases to just more than $1 trillion.
Capital expenditures in 2016-17 will be down 30%, or $370 billion, compared with pre-oil price plunge expectations. The firm expects to see further cuts throughout the year as more projects are dropped and companies struggle to break even.
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