Oil and gas companies may be cautiously optimistic about the much improved oil price environment compared to a year ago, with recent earnings presentations showing tentative signs of an investment recovery. But the upstream sector remains decidedly wary about investment decisions, with the top priorities for 2017 to protect dividends and pay down debt, according to a new survey. On balance, most of the 170 respondents in Wood Mackenzie's survey see investment in MA, exploration and capital spending rising this year following almost three years of belt-tightening since the oil price crash in mid-2014. The majority of EP players surveyed expected up to a 10 increase in investment.
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