ExxonMobil and Saudi Aramco Predicted to Increase Upstream Investments in 2022

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Adi Ahdiat 24/06/2022 15:50 WIB

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The IEA projects that global upstream oil and gas investment will increase by approximately 10% in 2022.

Projected Growth of Upstream Investment in Large Oil and Gas Companies (2022)

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ExxonMobil and Saudi Aramco Predicted to Increase Upstream Investments in 2022

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Projected Growth of Upstream Investment in Large Oil and Gas Companies (2022)

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The International Energy Agency (IEA) projects that global investment in the upstream oil and gas (O&G) sector will increase in 2022.

This projection is stated in the IEA's latest report, *World Energy Investment 2022*, released on Wednesday, June 22, 2022.

"Total upstream oil and gas investment is expected to recover by around 10% in 2022," the IEA wrote in its report.

According to the IEA, the investment trend in the upstream O&G sector has weakened significantly in recent years.

The IEA notes that in 2014, global upstream O&G investment reached approximately US$890 billion. However, in 2016, it decreased by more than 45%, and fell another 30% in 2020 due to the pandemic.

"Upstream oil and gas investment in 2021 was almost 10% higher than in 2020, but still about 20% lower than before the pandemic," the IEA explained.

For 2022, investment is projected to strengthen again, driven by increased funding from several large international oil and gas companies.

"The largest increase in upstream oil and gas investment in 2022 is expected to come from the United States (US), which plans to increase its funding by more than 30% this year," the IEA stated.

According to the IEA, the largest investment growth is projected to come from Exxon Mobil, with a 34% year-on-year (yoy) increase compared to last year.

Meanwhile, the Saudi Arabian oil company, Saudi Aramco, is expected to increase upstream investment by 13% (yoy).

"In many cases, investment is focused on short-cycle projects that can deliver new oil and gas supplies as quickly as possible," the IEA explained.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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ExxonMobil and Saudi Aramco Predicted to Increase Upstream Investments in 2022

ExxonMobil and Saudi Aramco Predicted to Increase Upstream Investments in 2022

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