Global oil and natural gas upstream spending is climbing sharply higher from initial 2022 forecasts, with North America likely looking at a 33% jump from last year.

upstream capex graph

Evercore ISI last December in its global upstream capital expenditure (capex) survey, said the average increase over 2021 would be 16%. However, exploration and production (E&P) companies worldwide now are set to raise capex by 22% through December, in line with natural gas and oil demand. 

“The Russia/Ukraine War has accelerated the new recovery underway, with growth accelerating as operators pull forward spending plans in a realigned global energy order,” the Evercore analyst team said. 

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