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Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

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Global 2020 spending to decline led by lower forecast for shale investments

June 18, 2020 by PBOG

A new report from Oslo-based research firm Rystad Energy released last week said global spending this year on oil and gas drilling is forecast to fall to its lowest level in 15 years – with shale investments expected “to take the biggest hit.” Rystad said shale spending will fall by more than 50 percent to $67.3 billion this year. Energy companies are expected to spend $383 billion in 2020 on drilling and pumping for oil and gas – a decline of 29 percent from $539 billion spent last year – and remain flat into 2021. “Companies are fiercely defending shareholder value and pivoting towards more conservative spending strategies in the near term,” analyst Olga Savenkova of Rystad said.

Filed Under: PBOG Newsletter, The Financial Picture Tagged With: drilling forcast, financial value, Rystad

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