17 December 2018
Fragile oil price recovery
The upstream benefited from higher spending in 2018, thanks to higher prices; but this increase was tentative, and signs of lower prices towards year-end forced a downturn in rig counts
With spending returning on the back of stronger oil prices, 2018 saw a recovery gain traction in the global oil and gas upstream sector, with activity overall heading in an upward trajectory—though the story was mixed, with shale doing better than conventional projects. After collapsing between 2014-16 by over 40pc amid the downturn, an upstream recovery that saw 4pc growth in 2017 was in 2018 expected to accelerate to 5pc, accounting for projects worth $472bn, the International Energy Agency (IEA) said in its World Energy Investment report. Here, it was the US shale success story that was driving much of the growth. Capital spending in the US shale patch was expected to increase by 20pc in
Also in this section
18 February 2026
With Texas LNG approaching financial close, Alaska LNG advancing towards a phased buildout and Magnolia LNG positioned for future optionality, Glenfarne CEO Brendan Duval says the coming year will demonstrate how the company’s more focused, owner-operator approach is reshaping LNG infrastructure development in the North America
18 February 2026
The global gas industry is no longer on the backfoot, hesitantly justifying the value of its product, but has greater confidence in gas remaining a core part of the global energy mix for decades
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
