| Global upstream oil and gas investments are expected to plummet 24 percent this year, with little signs of improvement for 2017, the International Energy Agency (IEA) said. This year's dip will come on top of a 25 percent drop in spending in the sector recorded in 2015 with its total of $583 billion, the IEA said in a report.
"The total fall exceeds $300 billion over the two years – an unprecedented occurrence," the report said, adding two consecutive years of reduced upstream oil and gas investment had not been seen for 40 years. "Furthermore, there are no signs that companies plan to increase their upstream capital spending in 2017," it said...............................................Full Article: Source
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