Global investments into oil production expected to grow 11% annually — Wood Mackenzie

According to UK-based Wood Mackenzie consultancy, global investments into oil exploration and production will surge 11% year-on-year to $25 bln in 2017

MOSCOW, March 20. /TASS/. Global investments into oil exploration and production will surge 11% year-on-year to $25 bln in 2017, UK-based Wood Mackenzie consultancy said on the basis of plans of 119 world’s oil producers.

According to Wood Mackenzie, 99 out of 119 companies have plans to increase investments into oil exploration and production.

Exploration and production budgets are set to rise 60% year-on-year among companies focused on the US, accounting for $15 bln of additional investments, the consulting firm said. “Bigger budgets are also expected in Canada, Latin America and Russia,” Wood Mackenzie said.

“For many companies, 2017 will be about focusing on returning to growth,” the analysts said. 98 companies announcing production focus for this year are expected to produce 1 mln barrels of oil equivalent per day more than in 2016, “year-on-year growth of about 5%,” Wood Mackenzie reported.

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