Industry outlook for the oil and gas industry 2018
2: Smart investing, agility, and long-term discipline
We see an approaching turnaround in spending on R&D and innovation after three years of cuts and freezes. Two thirds of senior oil and gas professionals plan to maintain or increase capital expenditure in 2018 – a considerable jump from the 39% that intended the same for 2017. The optimism emerging is driven from a common understanding that cost levels are under control and operators can make reasonable margins from an oil price expected to stay lower for much longer.
The 2018 report goes further into details of how senior oil and gas professionals plan to investment in research and development, digitalization, diversification and to some extent, new exploration and expansion of existing fields.