Spendings & Resources

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Big Oil faces major reserves challenge as new discoveries fail to replace production. Upstream spending was limited to $382 billion in 2020 and is forecast to marginally grow to $390 billion this year. Rystad Energy expects the effect of the pandemic to be a lasting one as — even though spending will start growing from 2022 — it will not return to the pre-pandemic level of $530 billion.

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