Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range*
(in billion U.S. dollars)
Break-even price in U.S. dollars per barrel
Capex in billion U.S. dollars
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Despite 2020 being a bleak year for the oil industry as a whole, national oil companies continue to invest heavily in future upstream projects. Some of these projects will require oil prices to stay well above ** U.S. dollars per barrel in order to break even. As of 2021, state-owned enterprises were looking to invest *** billion U.S. dollars in oil exploration ventures that required a long-term price over ** U.S. dollars per barrel. Nevertheless, the majority of capital expenditure was aimed at projects that would break even with oil prices well below ** U.S. dollars per barrel.
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NRGI. (February 10, 2021). Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved August 03, 2026, from /statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. "Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars)." Chart. February 10, 2021. ÌÇÐÄÆƽâ°æ. Accessed August 03, 2026. /statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. (2021). Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: August 03, 2026. /statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI. "Capital Expenditure of State-owned Oil Companies on Future Upstream Projects Worldwide as of 2021, by Break-even Price Range* (in Billion U.S. Dollars)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 10 Feb 2021, /statistics/859304/national-oil-companies-capex-by-break-even-price/
NRGI, Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars) ÌÇÐÄÆƽâ°æ, /statistics/859304/national-oil-companies-capex-by-break-even-price/ (last visited August 03, 2026)
Capital expenditure of state-owned oil companies on future upstream projects worldwide as of 2021, by break-even price range* (in billion U.S. dollars) [Graph], NRGI, February 10, 2021. [Online]. Available: /statistics/859304/national-oil-companies-capex-by-break-even-price/
