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Global exploration operators are ready to get back to business in oil and natural gas onshore and offshore, with the international players likely to shell out more funds this year than their Lower 48 compadres. Energy analysts in recent weeks have begun offering their takes on the likely pace of activity and potential capital expenditures (capex) for the exploration and production (E&P) and oilfield services (OFS) sectors. Evercore ISI recently completed a comprehensive analysis of about 250 of the world’s top operators using a combination of internal documents and conversations with various players. “For the first time since 2018, E&P spending is poised to increase both in North America and internationally with almost all geographic regions anticipating growth,” said the Evercore analysts. Go Time Evercore, like other analyst teams, is forecasting a revival in capex following last year’s 25% year/year collapse after E&Ps and their OFS brethren retreated in the wake of the pandemic. The slump in global E&P capex during 2020 likely marked “the third worst downturn in our survey’s 35-year history,” the Evercore analysts said. The dive in spend was in “sharp contrast to the plus-2% growth anticipated a year ago” in the firm’s annual survey. On […]
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