Oil Firms Spending Seen Up in 2017
Oil Firms Spending Seen Up in 2017

Oil Firms Spending Seen Up in 2017

Oil Firms Spending Seen Up in 2017

The oil industry may be ready to open its wallet after two years of slashing investments. Companies will spend 2.5% more on capital expenditure next year than they did this year, the first yearly growth in such spending since 2014, BMI Research said in a Sept. 22 report, Bloomberg reported. Spending will increase by another 7% to 14% in 2018. It will remain well below the $724 billion spent in 2014, before the worst oil crash in a generation caused firms to cut back on drilling and exploration to conserve cash, the researcher said. North American independent producers, Asian state-run oil companies and Russian firms are prepared to boost investments next year, outweighing continued cuts from global oil majors such as Exxon Mobil Corp. and Total SA, BMI said, based on company guidance and own estimates. Spending will increase to a total of $455 billion next year from $444 billion this year, BMI said. BMI Research is a research firm that provides macroeconomic, industry and financial market analysis, covering 24 industries and 200 global markets.


Short URL : https://goo.gl/myW0F6
  1. https://goo.gl/T64F7d
  • https://goo.gl/vgVlbM
  • https://goo.gl/WpFutJ
  • https://goo.gl/A6ongh
  • https://goo.gl/SrBzpG

You can also read ...

Masjed Soleyman petrochemical project's Phase 1 construction site
The construction operation of the mega petrochemical project...
Venezuela Oil Sales to China Set to Plunge to 8-Year Low
Venezuela’s economic and oil industry demise is likely to...
Oil prices fell on Monday after China threatened duties on American crude imports in a trade dispute with Washington.
China’s threat to impose duties on US oil imports will hit a...
Equinor Awards $3.7b Service Deals
Norwegian oil and gas firm Equinor has awarded drilling and...
OPEC members are to meet on  June 22-23 in Vienna.
Iran says Venezuela and Iraq will join it in blocking a...
Hamedan Power Plant  Cuts Gas Consumption
Shahid Mofatteh Power Plant in Hamedan Province has scaled...
Strengthening Local Enterprises Should Be NIOC Priority
The National Iranian Oil Company needs a policy paradigm shift...