Natural gas and oil explorers worldwide are predicted to spend 5% more overall this year for upstream activity, with North American budgets rising for the third consecutive year.

While upstream capital expenditures (capex) by global exploration and production (E&P) companies will climb, it’s predicted to sharply decelerate from the double-digit gains in 2023, according to Evercore ISI’s 2024 Global E&P Spending Outlook. 

Still, the “globally coordinated upturn is extending into the third year,” Evercore analyst James West said. The energy analyst team reviewed the financial and strategic documents for almost 300 global gas and oil companies to complete the survey, which was completed in December. 

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