01.10.2012
30 minutes of reading
IFPEN analyses in this study the 2012 evolution of global investment in the field of exploration-production and refining. The word “contrast” also springs to mind when looking into how investment in hydrocarbons has changed, with an upstream sector that is flourishing and a downstream sector that is treading water.
In spite of the uncertain economic context, investment in exploration-production is still increasing at a healthy rate, with activity reaching record levels in all areas. The decline in activity of 2009/2010 now seems a long way off. As far as refining is concerned, investment has only risen very modestly, despite a somewhat encouraging 2011. It has only been driven by Asia and the Middle East and — to a lesser extent — South America.
SUMMARY
Oil and gas prices - exacerbated instability
- Exploration production: continuation of the boom cycle
- A rise in investment
- In the news
Main markets in the upstream oil equipment and services sector
- Drilling
- Geophysical market
- Offshore construction
Refining consolidating the imbalance between long-term demand and capacity
- Increase in world refining overcapacity and decrease in refinery utilization rates
- Economic break on proposals for new capacity
- Overall improvement in refining margins in 2012
- New slowdown in refinery industry spending in 2012
- Future investments, heightened competition on the export markets in the mid-term
- Impact of the development of unconventional oil refining in the US and Europe
> Download the report (PDF - 2.5 Mo)
THE AUTHORS
Exploration-production - Geoffroy Hureau - geoffroy.hureau@ifpen.fr:
Upstream activities and markets - Sylvain Serbutoviez - sylvain.serbutoviez@ifpen.fr:
Investments in refining - Constancio Silva - constancio.silva@ifpen.fr
Price context, exacerbated instability - Guy Maisonnier - guy.maisonnier@ifpen.fr