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In 2014-16, global investment in oil and gas output fell 38 per cent, a loss of some $184bn, with the 24 percent decline in 2016 wiping out the 8 per cent rise in energy efficiency spending and 6 per cent on power. For the first time, investment in electricity eclipsed hydrocarbons spending.
However, Middle East producers have continued to spend on hydrocarbons over the past five years, although there was a fall in contract awards in the GCC in 2016.
With GCC oil production costs averaging less than $10 a barrel, Gulf producers are less affected by the fall in prices than other producers. Additionally, the region’s national oil firms are sticking to long-term investment plans, which, with long project lead-in times, prevent sudden cutbacks…. (read the full article by submitting the form below)
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