Government Take in Upstream Oil and Gas
Framing a More Balanced Dialogue
For most of the past two decades, the revenues of oil and gas companies worldwide have risen steadily, fueled by growing demand and mostly stable oil prices. Total revenues for the industry rose by more than 750 percent to $3 trillion in 2013. Since mid-2014, however, the decline of crude oil prices has hit the industry hard. Revenues have fallen by 36 percent, and companies have aggressively cut costs. For 2015, capital spending for exploration and production (E&P) is expected to have fallen by 22 percent from 2014 levels and exploration investments are anticipated to have declined by more than 25 percent.
Boston Consulting Group (BCG)
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