伍德麦肯锡能源专家：今年全球上游油气投资将再度下滑

Core Viewpoint - In 2025, global upstream oil and gas investment is projected to decline by 2.5% year-on-year to $420 billion due to low oil prices impacting expansion efforts by oil and gas companies [1] Group 1: Investment Trends - Upstream oil and gas investment is expected to continue its downward trend in 2026, with a forecasted decline of at least 2%-3% year-on-year, primarily driven by reduced spending from U.S. independent tight oil and shale oil producers [1] - The decline in investment will be more than 5% compared to 2024 levels, with North America and Europe experiencing significant reductions that will offset spending increases in Africa, Latin America, and the Middle East [1] Group 2: Industry Focus - Oil and gas companies are prioritizing profitability, ample free cash flow, and debt reduction over blind pursuit of production growth, especially in the context of oil prices remaining below $60 per barrel [1] - The uncertainty in the macroeconomic environment is reinforcing this trend among companies [1] Group 3: Financial Discipline - Analysts from Wood Mackenzie and Fitch Ratings believe that due to oil price volatility and concerns over supply surplus, global oil and gas companies will maintain financial discipline and may further reduce overall spending in 2026 [1] - The total upstream investment from the seven major international oil companies is expected to remain stable compared to previous years [1]