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Recently, according to the latest research by Wood Mackenzie, an international oil and gas consulting company, in order to ensure that global oil and gas companies have enough production to meet the growing market demand in the next decade, the global investment in oil and gas development needs to increase by about 20%.
According to data provided by Wood McKenzie, oil and gas development expenditure increased by 2% in 2017 and by 5% this year. By 2020, total investment will rise from a low $460 billion to $500 billion, but it will still be far below the peak of $750 billion in 2014. Considering the current market environment, it is estimated that the annual development investment will increase to about 600 billion US dollars to meet the oil and gas energy demand in the next decade.
At the same time, experts from Wood McKenzie pointed out that because many companies have a wait-and-see attitude towards large investments and long-term projects, there may not be an investment climax in the short term, but this is a good development opportunity for the entire oil and gas industry.