NEW REPORT: Oil & Gas Capex 2020

Bnamericas Published: Monday, April 20, 2020
NEW REPORT: Oil & Gas Capex 2020

The coronavirus-fueled collapse in oil prices in the first quarter of 2020 has impacted operator spending plans almost universally. Nine of the world’s biggest oil majors – all active in Latin America – are slashing collective global capital expenditure by 23% in 2020, and all have reduced 2020 guidance since the health pandemic became an economic one, according to figures compiled by BNamericas.

See the BNamericas Oil & Gas Capex 2020 Intelligence Series report here

From an average of US$63.65 per barrel in January, Brent crude fell as low as US$25/b in late March; in mid-April prices sat around US$30/b. Most analysts are now predicting Brent crude will average between US$30/b and US$40/b this year.

Register for the BNamericas Webinar: The Impact of COVID-19 on the LatAm Oil & Gas Industry on May 5.

This report profiles 28 oil and gas operators active in Latin America: nine global majors, the six biggest national oil companies (NOCs) and an additional 13 midsize and smaller operators (“others”), of which one is a smaller NOC and the rest are private sector. Only four of the 28 companies studied plan to spend more in 2020 than they did in 2019. Two of these are state oil companies, and two are in the other category. 

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