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Follow on Google News | Oil and Gas Capital Expenditure Outlook, 2012Global Oil and Gas Industry Capital Expenditure Will Increase by 13% in 2012
By: Rajesh Gunnam As the availability of crude oil and natural gas from onshore fields declines, more complex and expensive technology will be required to produce oil and gas from deep and ultra-deep offshore areas, and unconventional sources such as oil and gas shales, oil sands and coal bed methane. It is estimated that in 2012, the global oil and gas industry will register a total capex of $1,026 billion. Crude oil prices have been sustained at a range above $90 per barrel for the past year, due to increasing global crude oil demand coupled with supply-constraints. According to the IMF, crude oil prices will remain high in 2012 due to supply disruptions in the global oil markets, increasing demand in emerging economies and production constraints in a number of oil-exporting economies. The IMF expects the global oil price to average at $110 per barrel in 2012. For Sample Pages, please click or add the below link to your browser: http://www.globaldata.com/ In 2011, global crude oil demand witnessed an increase along with supply disruptions due to crisis situations in several Middle East countries such as Libya, Egypt, Bahrain, and Tunisia. The resulting imbalance in the supply-demand situation led to an increase in global crude oil prices. The situation improved marginally subsequent to the disasters in Japan, which affected the operations of many of the country’s refineries and led to their closure for maintenance. As oil supply from countries such as Libya are yet to resume to pre-crisis levels, the supply-demand imbalance is yet to ease in the global market. Natural gas prices witnessed a steep decline in 2011 amidst rising unconventional gas production in the US which led to decline in gas imports by the US. The surplus gas available in the market led to decline in spot prices of natural gas. The gas prices steadied, to some extent, subsequent to the tsunami in Japan as gas demand in Japan increased. This trend is expected to spread throughout the rest of the world, as countries abandon or suspend nuclear power development activity in favor of gas fired power generation. In view of the sustained high prices of oil and expected increase in gas prices, E&P companies are increasing expenditure in upstream activities for both conventional and unconventional oil and gas. Most oil and gas companies across the globe are undertaking the construction and development of capital intensive, upstream, midstream and downstream projects. National oil companies (NOCs) and integrated oil companies will register the highest expenditure, accounting for 84.6% of global oil and gas capex in 2012. “Oil & Gas Capital Expenditure Outlook, 2012” is the latest report from industry analysis specialists, GlobalData, which provides an outlook of the oil and gas sector’s capital expenditure for 2012. The report contains a detailed analysis of the current and future capital expenditure of the various types of oil and gas companies – national oil companies, integrated and independent oil and gas companies. It also provides a detailed analysis and information on the capital expenditure across the entire oil and gas value chain globally. Detailed information on oil and gas capital expenditure across various regions – North America, South and Central America, Europe, the Middle East and Africa is also provided. The report also covers the planned oil and gas projects in upstream, refining, pipeline, liquefied natural gas (LNG) and petrochemicals. For further details, please click or add the below link to your browser: http://www.globaldata.com/ Visit our report store: http://www.globaldata.com/ For more details contact: pressreleases@ North America: +1 646 395 5477 Europe: Asia Pacific: # # # GlobalData is a global market intelligence services company providing information research and analysis products and services. End
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