The International Energy Information Administration (IEA) has estimated that a yearly $630 billion worldwide upstream oil and gas investment is required to compensate for declining production at existing fields.This is coming as the British Petroleum (BP) said yesterday, at the ongoing Offshore Technology Conference (OTC) in Houston, Texas, U.S.A, that it has reduced its $20 billion ‘mad dog’ phase two project in the Gulf of Mexico to $10 billion.
Read more @ The Guardian
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