Upstream Business in the Oil and Gas industry consists of from an exploration, transportation up to the downstream facilities through oil and gas separation and purification facilities, and compression or boosting stations. (Refer to the Oil and Gas Business; Upstream, Midstream and Downstream)
Related Definitions in the Project: The Upstream Engineering; Project; Project Management; Plant and Process Unit
Example Article of the Upstream:
Oil Majors Set To Sanction $125 Billion Upstream Projects in 2024 (Source: Oil Price on 16 March 2024): By Tsvetana Paraskova - International oil and gas majors and the Middle East’s national oil companies are expected to give the green light this year to up to 30 projects, worth a total investment of $125 billion and holding an estimated 14 billion barrels of oil equivalent (boe) of resources. That’s the estimate in Wood Mackenzie’s latest analysis of upstream oil and gas projects expected to reach final investment decisions (FIDs) in 2024. The consultancy expects more projects to take FID this year compared to last year’s 22 sanctioned upstream developments as several projects slated for 2023 approval were delayed. “With many projects delayed or postponed, we expect operators to commit to more projects in 2024 than last year,” said Ross McGavin, principal analyst at Wood Mackenzie. ...
Upstream Spending To Rise To $485 Billion In 2023 (Source: Oil Price on 21 January 2023): By Alex Kimani - Over the past three years, the majority of U.S. energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and share buybacks. Most oil and gas companies have only announced small increases in their capital spending for the current year, and also plan to grow production modestly. But this does mean that these companies won’t try to capitalize on oil prices that remain at multi-year highs. In its 2023 outlook, Energy Intelligence notes that global upstream capex will hit $485B in the current year, good for 12% Y/Y increase and a near 30% recovery from the 2020 trough. ...
