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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NRGI. (February 10, 2021). 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) [Graph]. In Statista. Retrieved June 26, 2022, from https://www.statista.com/statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. "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)." Chart. February 10, 2021. Statista. Accessed June 26, 2022. https://www.statista.com/statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. (2021). 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). Statista. Statista Inc.. Accessed: June 26, 2022. https://www.statista.com/statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. "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)." Statista, Statista Inc., 10 Feb 2021, https://www.statista.com/statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI, 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) Statista, https://www.statista.com/statistics/859304/national-oil-companies-capex-by-break-even-price/ (last visited June 26, 2022)
