World Energy Investment 2019

Fuel supply Upstream

Fuel supply Upstream investment in 2019 varies by company Expected upstream oil and gas investment in 2019 by company type (and 2019 vs 2018 change) USD billion 35 30 25 20 15 10 5 0 - 5 - 10 70% 60% 50% 40% 30% 20% 10% 0% -10% -20% - 15 -30% ExxonMobil Shell Chevron BP Total Eni Conoco PetroChina CNOOC Sinopec Rosneft Gazprom Lukoil GazpromNeft EOG Anadarko Occidental Pioneer Continental Apache Majors Chinese big 3 Large Russian companies Large US independents % change YoY (right axis) Note: CNOOC = China National Offshore Oil Corporation Source: IEA analysis with calculations based on company reports and guidance 92 | World Energy Investment 2019 | IEA 2019. All rights reserved.

Fuel supply The share of NOCs in total investment remains close to record highs Global upstream oil and gas investment by company type Estimated change % from 2018 to 2019 Share of upstream investment 100% Majors 80% 30% 29% 28% 28% 27% 26% 25% 24% NOCs 60% 14% 14% 16% 13% 10% 14% 17% 16% US US independents 40% 37% 37% 36% 38% 44% 43% 42% 43% Others -10% -5% 0% 5% 10% 20% 0% 19% 20% 20% 21% 19% 17% 16% 17% 2012 2013 2014 2015 2016 2017 2018 2019E Majors NOCs US independents Others Note: Data for 2019 are IEA estimates based on company guidance, consultations with industry experts, and other sources. Source: IEA analysis with data based on company reports and Rystad Energy (2019). 93 | World Energy Investment 2019 | IEA 2019. All rights reserved.