London - Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.
Seven of the world’s largest energy companies will together boost oil and natural gas output by 398 000 barrels a day, the most since 2010, according to data from Oslo-based consultant Rystad Energy. In 2018, output will rise even faster.
The oil majors aren’t increasing their drilling budgets. Instead they’re benefiting from money invested before the rout.