Global upstream costs: will the savings stick?
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Table of contents
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Capital expenditure: almost US$1 trillion cut in survival mode
- New project approvals: less is more?
- US Lower 48: a bubble of cost inflation in the Permian
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Operating costs: can producers manage the recovery?
- How was opex reduced?
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Cyclical or structural? That is the question
- Drilling market: rig rates to recover in 2019-20; are efficiencies peaking?
- Subsea market: the cycle rebounds
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What could drive structural change?
- Lean thinking – a cultural shift
- Supply chain consolidation and collaboration
- Digitalisation – tapping into upstream's data riches
- Takeaway: what will the industry look like in 2020?
Tables and charts
This report includes the following images and tables:
- Global upstream development capex, 2014-20 (by PRMS classification)
- US Lower 48 capex, 2014-20 (by region)
- US Lower 48 horizontal oil rig count, 2014-17
- Observed and expected cost deflation, 2015-18 (Wood Mackenzie cost surveys)
- Observed/expected opex deflation, 2015-18
- Operating costs index, 2014-20
- Deepwater drilling: rig market, 2014-20
- Deepwater drilling: rig rate trends, 2014-20
- Subsea market: tree awards and cost trends, 2013-20
What's included
This report contains:
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