Sinochem New Network News US oil company’s investment has resumed its growth year after year after experiencing a temporary decline during the 2008-2009 financial crisis. In 2012, the investment budgets of the major oil companies in the United States will hit record highs, because these companies will invest in new large-scale projects around the world to achieve future growth in oil and gas production and replacement of reserves. The increase in investment is mainly due to the increased cost of equipment, materials and labor.
The Big Three Increases Its Investment Budget ExxonMobil, the largest oil company in the United States, expects investment in the next year to reach 35 billion U.S. dollars. According to Barclays Capital, Exxon Mobil will announce its investment budget for the current year in March next year, which is expected to increase by 5% from the current budget.
Chevron, the second largest oil company in the US, expects capital expenditures for 2012 to reach a record high of 32.7 billion U.S. dollars, an increase of 17% from the figure of 28 billion U.S. dollars this year, reaching its highest level ever. The company said it plans to use 87% of its capital expenditure budget next year, or $28.5 billion, for exploration and production projects in Australia and deepwater projects in the US Gulf of Mexico, Nigeria, Angola and China.
ConocoPhillips, the third largest oil company in the United States, said in early December that its investment budget for 2012 will be higher than previously expected. In 2012, the company will invest 15.5 billion U.S. dollars, of which about 90% will be invested in exploration and mining, refining and marketing. Some will occupy 8% of the investment. The company said in July this year that its investment budget for 2012 was between 14 billion and 15 billion U.S. dollars.
The increase in costs is due to analysts from Wood Mackenzie, a world-renowned energy consulting firm, who said: “The cost pressures in Australia and North America are already evident, and the competition for skilled workers and services in these regions is becoming increasingly fierce.â€
The energy industry in some areas has developed very rapidly and has exceeded the growth rate of local labor. For example, in Australia, the demand for a large number of liquefied natural gas (LNG) construction projects has stimulated a surge in talents. From front-line management personnel to drilling engineers to project experts, the demand for talent is in short supply. The situation. The restoration of deep-water drilling in the United States Gulf of Mexico and the vigorous development of shale gas have also made the competition for local skilled workers and equipment increasingly fierce.
Barclays Capital stated that the lack of deep-water drilling rigs that meet higher safety standards will result in rig rental fees in excess of $500,000 per day in 2012. After the U.S. government announced an oil spill disaster on the BP's Deepwater Horizon drilling rig in the Gulf of Mexico, it suspended suspending deepwater drilling in the Gulf of Mexico in May 2010. Since the deepwater drilling began in March this year, the current rental costs for deepwater drilling rigs have been reduced. It rose to about 400,000 U.S. dollars per day.
American Morningstar analyst Mark Hansen estimates that the price of drilling rigs in next year's oil-rich regions such as the Eagle Beach shale area in Texas and the Beacon shale area in North Dakota will increase by 15% because oil companies are accelerating Drilling activities in these areas to benefit from high oil prices.
Oil companies invest billions of dollars in projects, hoping that these projects will bring good profits to the company in the future, but the market is changing or the projects may eventually be eliminated due to poor profitability. An obvious example of this is that U.S. companies have invested huge sums in building LNG import terminals. However, with the rapid development of shale drilling technology, natural gas supply in North America has grown substantially, and LNG is no longer needed in the region. Such investment is destined to be failure.
ConocoPhillips and its partner Origin Energy recently agreed to build an Australian gas export project worth US$20 billion. However, the current Australian dollar exchange rate against the US dollar has increased by nearly 70% from the 2008 low. ConocoPhillips’ chief financial officer stated in October this year that the investment budget for 2012 will increase due to the impact of the Australian project.
ExxonMobil’s oil search company, a partnership company for a natural gas export joint venture in Papua New Guinea, said in early December this year that ExxonMobil’s investment in this project will be 5% higher than originally planned due to the strong currency exchange rate in Australia.
Finding ways to cut costs Affected by the dramatic increase in local costs, US oil companies have been creatively looking for ways to ease the pressure of this significant increase in costs.
Chevron recently stated that most of the facilities for the $37 billion Australian Gauguin LNG project are being customized in Asia because of lower labor costs in Asia. The company also said that the recently approved Wheatstone LNG project with an investment of US$29 billion will be conducted in the same manner. The company said that the two projects will be put into production as planned in 2014 and 2016, respectively, and the investment in the two projects will be kept within the budget.
The Big Three Increases Its Investment Budget ExxonMobil, the largest oil company in the United States, expects investment in the next year to reach 35 billion U.S. dollars. According to Barclays Capital, Exxon Mobil will announce its investment budget for the current year in March next year, which is expected to increase by 5% from the current budget.
Chevron, the second largest oil company in the US, expects capital expenditures for 2012 to reach a record high of 32.7 billion U.S. dollars, an increase of 17% from the figure of 28 billion U.S. dollars this year, reaching its highest level ever. The company said it plans to use 87% of its capital expenditure budget next year, or $28.5 billion, for exploration and production projects in Australia and deepwater projects in the US Gulf of Mexico, Nigeria, Angola and China.
ConocoPhillips, the third largest oil company in the United States, said in early December that its investment budget for 2012 will be higher than previously expected. In 2012, the company will invest 15.5 billion U.S. dollars, of which about 90% will be invested in exploration and mining, refining and marketing. Some will occupy 8% of the investment. The company said in July this year that its investment budget for 2012 was between 14 billion and 15 billion U.S. dollars.
The increase in costs is due to analysts from Wood Mackenzie, a world-renowned energy consulting firm, who said: “The cost pressures in Australia and North America are already evident, and the competition for skilled workers and services in these regions is becoming increasingly fierce.â€
The energy industry in some areas has developed very rapidly and has exceeded the growth rate of local labor. For example, in Australia, the demand for a large number of liquefied natural gas (LNG) construction projects has stimulated a surge in talents. From front-line management personnel to drilling engineers to project experts, the demand for talent is in short supply. The situation. The restoration of deep-water drilling in the United States Gulf of Mexico and the vigorous development of shale gas have also made the competition for local skilled workers and equipment increasingly fierce.
Barclays Capital stated that the lack of deep-water drilling rigs that meet higher safety standards will result in rig rental fees in excess of $500,000 per day in 2012. After the U.S. government announced an oil spill disaster on the BP's Deepwater Horizon drilling rig in the Gulf of Mexico, it suspended suspending deepwater drilling in the Gulf of Mexico in May 2010. Since the deepwater drilling began in March this year, the current rental costs for deepwater drilling rigs have been reduced. It rose to about 400,000 U.S. dollars per day.
American Morningstar analyst Mark Hansen estimates that the price of drilling rigs in next year's oil-rich regions such as the Eagle Beach shale area in Texas and the Beacon shale area in North Dakota will increase by 15% because oil companies are accelerating Drilling activities in these areas to benefit from high oil prices.
Oil companies invest billions of dollars in projects, hoping that these projects will bring good profits to the company in the future, but the market is changing or the projects may eventually be eliminated due to poor profitability. An obvious example of this is that U.S. companies have invested huge sums in building LNG import terminals. However, with the rapid development of shale drilling technology, natural gas supply in North America has grown substantially, and LNG is no longer needed in the region. Such investment is destined to be failure.
ConocoPhillips and its partner Origin Energy recently agreed to build an Australian gas export project worth US$20 billion. However, the current Australian dollar exchange rate against the US dollar has increased by nearly 70% from the 2008 low. ConocoPhillips’ chief financial officer stated in October this year that the investment budget for 2012 will increase due to the impact of the Australian project.
ExxonMobil’s oil search company, a partnership company for a natural gas export joint venture in Papua New Guinea, said in early December this year that ExxonMobil’s investment in this project will be 5% higher than originally planned due to the strong currency exchange rate in Australia.
Finding ways to cut costs Affected by the dramatic increase in local costs, US oil companies have been creatively looking for ways to ease the pressure of this significant increase in costs.
Chevron recently stated that most of the facilities for the $37 billion Australian Gauguin LNG project are being customized in Asia because of lower labor costs in Asia. The company also said that the recently approved Wheatstone LNG project with an investment of US$29 billion will be conducted in the same manner. The company said that the two projects will be put into production as planned in 2014 and 2016, respectively, and the investment in the two projects will be kept within the budget.
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