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E&P capex-I: Low growth in 2018 but will it go up in 2019 and onwards?
Sep 07: There is no doubt a revival in the offing in the E&P investment cycle, but where exactly are we in it now?
8Capex budgets worldwide have been cut substantially since the onset of the 2014 oil price collapse.
8Capex budgets for 2015 and 2016 declined by an average of about 25% each year across our sample of super oil majors, and even 2017 saw around 10% decline in capex eventually, though we were initially expecting 2017 capex to remain flat.
8In 2018, projections from global oil majors point to only minor increases in capex – low single-digit growth, which is not exciting.
8All the deferrals will mean that more than 3mmbpd of supply that was supposed to come onstream by 2020 will now only come in the years after that.
8But does the capex story get better from here, or doesn't it?
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