Evercore predicts a third straight year of accelerating growth in the Middle East
Global capex growth to moderate
Worldwide E&P spending is set to increase in 2023, albeit at a slower pace than last year, Evercore predicts
Building on robust growth in 2022, Evercore projects North American E&P spending will increase by 17.7pc in 2023 to within 7pc of pre-Covid levels. The US should lead again, with spending up 19.1pc in 2023, while Canada moderates at 10.5pc (see Fig. 1). Independents and private operators have an outsized role in North America, accounting for more than 70pc of regional capex. While privates were faster to increase capex post-Covid, the publicly traded independents shored up their balance sheets and prioritised returning cash to shareholders. We believe this trend could be reversing, with privates becoming more fiscally minded, as service cost inflation begins to rise. Privates make up abo
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
