The world’s five largest publicly listed oil companies are expected to spend a record $128bn on capital investment over the next 12 months as they seek to boost production growth and capitalise on high crude prices.
The aggressive forecast, from Jason Kenney, an Edinburgh-based oil and gas analyst at ING, comes as ConocoPhillips of the US prepares to kick off the annual reporting season later this week. All the big groups are expected to produce strong results due to the high oil prices.
Mr Kenney said he expected the top five – ExxonMobil, Chevron, ConocoPhillips, Royal Dutch Shell, BP and Total of France – to spend $128.54bn this year, compared with a forecast $117.35bn in 2010 and more than the previous record of $127bn in 2008.
FT
