New non-OPEC oil project investment to hit all-time high this year
Investment in new non-OPEC oil and gas projects is likely to hit an all-time high this year and increase in 2020, as firmer prices and swelling cashflow signal an end to restricted spending in the sector, cartel OPEC said. Exploration and production (E&P) players project sanctioning is expected to hit a record $390bn in 2019 and rise to $468bn next year, following years of straitened capital expenditure (capex) allocations as oil companies sought to push down their per-barrel break-evens following the 2014 price crash. Non-OPEC free cashflow reached a record ...
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