Investor Presentaiton
Supportive international & domestic market dynamics (1/3)
Sustained underinvestment in upstream has resulted in record low discoveries and decreasing development of new supply
Global investment in upstream oil and gas (US$bn; nominal)
TOP END
-ENERGY-
THE ENERGY OF TOMORROW
Global conventional discovered resource & exploration spend
900
800
700
600
500
400
300
200
100
(55%)
2010
2011
2012
2013
2014 2015
2016
2017
2018
2020
2019
2021E
56
Discovered Resource (Billion boe)
24
32
40
40
48
8
2010 2011
2012
22%
20%
18%
16%
14%
12%
10%
8%
2013
2014
2015 2016 2017
2018
2019
2020
Continued underinvestment could result in more frequent short-lived price
spikes or more prolonged upward price pressure that would deepen the
negative economic impact of COVID-19, slow the global economic
recovery, jeopardise the prospect of inclusive and sustainable growth, and
erode energy security. Boston Consulting Group, 10 December 2020 (1)
■■Oil Discoveries ■Gas Discoveries Exploration Spend (RHS)
Continued reduction in new resource discovery threatens security of
supply and significant longer-term market volatility
TEE has the opportunity to contribute to sourcing new supply of natural
gas to smooth the transition to a lower carbon energy mix
Source: International Energy Agency (IEA)
(1)
BCG and International Energy Forum (Oil and Gas Investment in the New Risk Environment, 10 December 2020)
Source: International Energy Agency (IEA), Rystad Energy
% of Total Upstream Investment
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