Momentum is building. Overall upstream investment is set to rise for the third year in a row following the 2016 low, albeit at a modest, single-digit rate. And it’s not just the U.S. Lower 48. The conventional sector is generating its own flow of major new projects coming forward for final investment decision (FID). The wheels are turning again.
The nadir for investment was 2015 when projects sanctioned brought forth a measly U.S.$60 billion of spend. Ian Thom, Director, Upstream, identifies 115 major capital projects targeting volumes of over 50 million barrels of oil equivalent that have been approved for development since then, with combined spend of almost US$500 billion.
Northbridge Industrial Services plc (LON:NBI) hires and sells specialist industrial equipment to a non-cyclical customer base. With offices or agents in the UK, US, Dubai, Belgium, Germany, France, Australia, Singapore, New Zealand, Brazil and Korea, Northbridge has a global customer base.