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Global national oil companies' investment value by break-even price 2021

Published by N. Sönnichsen, Mar 17, 2021
Despite 2020 being a bleak year for the oil industry as a whole, national oil companies continue to invest heavily in future upstream projects. Some of these projects will require oil prices to stay well above 50 U.S. dollars per barrel in order to break even. As of 2021, state-owned enterprises were looking to invest 119 billion U.S. dollars in oil exploration ventures that required a long-term price over 50 U.S. dollars per barrel. Nevertheless, the majority of capital expenditure was aimed at projects that would break even with oil prices well below 30 U.S. dollars per barrel.

Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars)

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Sources

Release date

February 2021

Region

Worldwide

Survey time period

2021

Supplementary notes

* Value of upstream projects in the pipeline and expected to receive investment over the next ten years, as of 2021. In 2021 prices.

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