Global Upstream Oil and Gas Investment Trends Decline: A Detailed Breakdown

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Adi Ahdiat 23/06/2022 13:40 WIB

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According to the International Gas Union, global upstream oil and gas investment reached over US$700 billion annually in 2013-2014. However, this declined to the US$300 billion-US$400 billion range in

Global Upstream Oil and Gas Investment Value (2015-2021)

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Global Upstream Oil and Gas Investment Value (2015-2021)

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Global energy commodity prices have surged since the beginning of 2022.

According to the International Gas Union (IGU), in addition to the Russia-Ukraine war, this price increase is also due to several obstacles faced by the energy industry in recent years, one of which is the declining investment in upstream oil and gas (O&G).

In its *Global Gas Report* released on May 25, 2022, the IGU noted that global upstream O&G investment in 2013-2014 exceeded US$700 billion per year.

However, in the period 2015-2019, this figure dropped to the range of US$400 billion-US$550 billion per year.

The figure even further decreased to the range of US$300 billion-US$400 billion per year during the period 2020-2021, as detailed in the graph.

"This investment decline led to reduced supply towards the end of 2021, and supply could not keep pace with the strong post-Covid demand recovery," wrote the IGU in its report.

"This situation was exacerbated by reduced Russian gas exports to Europe throughout the autumn of 2021, creating a tight market situation even before the outbreak of the Russia-Ukraine conflict," the IGU continued.

"Then, the post-Covid recovery brought a significant surge in energy demand. This increased demand, combined with lower energy sector investment during the pandemic, resulted in a surge in prices across all energy commodities," they explained.

The IGU assesses that the surge in O&G prices will encourage the global power sector to switch to coal, thus increasing CO2 emissions from electricity production.

"This situation makes energy less affordable, less sustainable, and less secure. Given the global nature of energy markets, the effects are felt worldwide," wrote the IGU.

In Indonesia itself, the value of upstream O&G investment in Q1 2022 remains low. During the first three months of 2022, investment value did not reach a quarter of the annual target.

"O&G investment (Q1 2022) amounted to US$2.29 billion, or 13.46% of the 2022 O&G investment target of US$17.01 billion at the end of the year," said Tutuka Ariadji, Director General of Oil and Gas at the Ministry of Energy and Mineral Resources, in a Hearing Meeting (RDP) with Commission VII of the Indonesian House of Representatives on Wednesday (8/6/2022).

(Also Read: Oil Lifting Realization in Q1 2022 Only 74.21% of Target)

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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Global Upstream Oil and Gas Investment Trends Decline: A Detailed Breakdown

Global Upstream Oil and Gas Investment Trends Decline: A Detailed Breakdown

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