1 October 2003
Seeking upstream alternatives
EXPLORATION and production (E&P) companies are switching upstream investment away from North America to Asia and other less capital-intensive areas, says a new study of 201 energy firms. The 2003 Global Upstream Performance Review, published by research and consulting firms John S Herold and Harrison Lovegrove, says that Europe, Asia, Africa, South and Central America, and the Middle East saw double-digit increases in upstream capital investment between 2000 and 2002. In comparison, the US fell by more than 20%, blamed on the high cost of replacing oil and gas reserves. ConocoPhillips and Royal Dutch/Shell proved the biggest upstream capital investors, shelling out $17.7bn and $17.5bn re
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