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2024 Oil & Gas Sector CapEx Update


As figures are released, KeyFacts Energy provide an ongoing review of oil and gas company capital expenditure plans for 2024:

Aker BP

Aker BP has set a capital expenditure budget of around USD 5 billion with exploration spend of USD 500 million and abandonment costs of around USD 250 million. Production is forecast at 410-440 mboepd at a cost of around USD 7 per boe. 

Arrow Exploration

Arrow Exploration has approved the 2024 work program, which includes 15 wells and a $45 million net capital budget. The entire capex budget will be financed by current cash reserves and operating cash flow. The 2024 budget focuses on the Tapir block and the development of the Carrizales Norte (CN) field.  

The Company expects to employ two rigs for the entire year on the Tapir block with a third rig being utilized as required.  The capex emphasis is focused on development and infill drilling combined with targeting low-risk exploration prospects.

Athabasca Oil

Athabasca Oil announced its 2024 budget focused on profitable production growth and strong free cash flow generation.

Capital Program: Athabasca is planning capital expenditures of $175 million ($135 million Thermal Oil & $40 million Light Oil) with activity focused on completing the 28,000 bbl/d expansion project at Leismer, sustaining capital at Hangingstone and three Duvernay pads at Kaybob.

Profitable and Sustainable Growth: The Company plans to grow production to ~37,500 boe/d by year-end 2024, representing ~14% growth from year-end 2023. Annual production guidance is 35,000 – 36,000 boe/d (~98% Liquids). Growth will be weighted to the second half of the year with the Leismer expansion project expected to be completed mid-year and Duvernay production additions into the Fall. 

California Resources

California Resources Corporation (CRC) expects its total 2024 capital program to range between $300 million and $340 million assuming normal operating conditions. Of this amount, $250 million to $260 million is related to oil and natural gas development, $30 million to $40 million is related to maintenance of one of its gas processing facilities and a power plant, both of which are located in CRC's Elk Hills field, $15 million to $25 million is for carbon management projects and $5 million to $15 million is for corporate and other activities.

Through 2024, CRC expects to run a one rig program executing projects using existing permits. Subject to the availability of well permits, the Company expects to increase to a four rig program in the second half of 2024. The actual amount of spending related to oil and gas development under CRC's 2024 capital program will depend on a variety of factors. In particular, the rate and amount of this spending depends on its ability to obtain new well permits in the second half of the year. If CRC is not able to obtain these permits, CRC could reduce its capital program by up to $100 million.

Canacol Energy 

Canacol Energy's 2024 capital budget is between $138 million and $151 million. Forecast average realized contractual gas sales for 2024, which include downtime, are anticipated to range between 160 and 177 million cubic feet per day (“MMcfpd”). 

During the first half of 2024, the company are planning an active development drilling and workover program, coupled with investments in additional compression and processing facilities, to ensure that sufficient productive capacity exists to meet potentially high gas demand during the first half of 2024 related to the effects of El Nino.

Capricorn Energy

Capricorn is committed to spend ~ $10m in 2024 comprising up to five non-operated exploration wells, including activity to de-risk the potentially extensive Abu Roash F unconventional play. At this time the Company intends to seek at least a partial deferment of these expenditures into 2025 from EGPC


Cenovus Energy has announced its 2024 budget. Continuing with the growth plan embarked on in 2023, Cenovus expects to invest capital of between $4.5 billion and $5.0 billion in 2024. This investment includes $1.5 billion to $2.0 billion of optimization and growth capital, primarily for progressing the West White Rose project as well as incrementally growing production at the Foster Creek, Christina Lake and Sunrise oil sands facilities. Additionally, Cenovus will implement further initiatives in its downstream business to improve reliability and increase margin capture as well as invest in opportunities in the Conventional business. Approximately $3.0 billion will be directed towards sustaining production and supporting continued safe and reliable operations.


Chevron has announced an expected organic capital expenditure range of $15.5 to $16.5 billion for consolidated subsidiaries (capex) and an affiliate capital expenditure (affiliate capex) budget of approx. $3 billion for 2024.

Upstream spending in 2024 is expected to be about $14 billion. Of this planned expenditure, two-thirds is allocated to the United States, including approx. $6.5 billion to develop Chevron’s U.S. shale and tight portfolio, of which around $5 billion is planned for Permian Basin development. About 25 percent of U.S. upstream capex is planned for projects in the Gulf of Mexico, including the Anchor project, which is expected to achieve first oil in 2024.

Downstream capex is expected to be roughly $1.5 billion, with 80 percent allocated to the United States. Corporate and other capex is projected to be about $0.5 billion.

Included in the upstream and downstream budgets is approximately $2 billion in lower carbon capex to lower the carbon intensity of traditional operations and grow new energy business lines. Chevron’s Geismar renewable diesel expansion project is expected to start-up in 2024.

Nearly half of affiliate capex is planned for Tengizchevroil’s FGP / WPMP project in Kazakhstan and about a third is planned for Chevron Phillips Chemical Company, including the Golden Triangle Polymer Project and Ras Laffan Petrochemical Project. WPMP field conversion is forecasted to begin start-up in the first half of 2024.

Devon Energy

Devon has reaffirmed its previously issued outlook for production and capital in 2024. The company plans to sustain oil production at around 315,000 barrels per day, with total volumes approximating 650,000 Boe per day. The capital requirements to deliver this production are expected to decline approximately 10 percent year-over-year to a range of $3.3 billion to $3.6 billion. 

Due to the addition of a fourth Delaware completion crew in January, the company’s capital program in 2024 is expected to beweighted towards the first half of the year. As a result of this activity timing, first-quarter capital spending is estimated to range from $915 million to $965 million. 


GeoPark has set a 2024 capital expenditures budget of $150-200 million, with approximately 20-30% to be allocated to exploration and 70-80% to be allocated to the development and delineation of high-potential, short-cycle and near-field projects in the Llanos basin in Colombia and in the Oriente basin in Ecuador.

Gulfport Energy

Gulfport plan to invest total base capital expenditures of $380 million to $420 million, including $50 million to $60 million on maintenance leasehold and land investment, a decrease of approximately 10% compared to full year 2023 and focused on more liquids-rich development in the Utica and SCOOP

Harbour Energy

Harbour Energy is expecting an increase in its capital expenditure for 2024, compared to the previous two years, driven by higher investment in the UK and internationally. In 2024, the operator expects a total capital expenditure of c.$1.2 billion, including a lower decommissioning spend of $0.2 billion. The guidance relates to Harbour's current portfolio and excludes any effects or contributions from the proposed acquisition of Wintershall Dea.


Full year 2024 E&P capital and exploratory expenditures are expected to be approximately $4.2 billion, which includes the recent acquisition of leases from the Gulf of Mexico Lease Sale 261. 

Kosmos Energy

Net capital expenditures for 2024 are expected to be approximately $700-$750 million, weighted towards the first half of the year as the Ghana drilling campaign concludes and the Winterfell and Tortue projects progress to startup. The Company's 2024 guidance reflects higher than anticipated subsea expenses at Torture Phase 1 following the replacement of the previous subsea contractor that failed to perform its contractual obligations. BP, on behalf of the partner group, has initiated the process under its agreement with the original subsea contractor to recover the losses incurred. The partnership will seek to recover the maximum recoverable damages in binding arbitration. Kosmos estimate their net share of the recoverable damages to be up to $160.0 million.

Murphy Oil

Murphy Oil's 2024 CAPEX plan is expected to be in the range of $920 million to $1.02 billion. Full year 2024 production is expected to be in the range of 180 to 188 MBOEPD, consisting of approximately 96 MBOPD oil and 106 MBOEPD liquids volumes, equating to 52 percent oil and 58 percent liquids volumes, respectively. This forecast includes approximately 2 MBOEPD of assumed annualized Gulf of Mexico storm downtime and accounts for the 2023 divestiture of 1.5 MBOEPD from non-core onshore Canada assets.

OMV Petrom

OMV Petrom plans to increase investment to approximately 8bn lei ($1.74bn) annually for the next three years, marking a substantial increase from the 4.7 billion lei invested in 2023. 

The surge in investment is primarily driven by the company’s involvement in the Neptun Deep offshore gas project in the Black Sea. 


ONGC, which accounts for 67% of India’s oil and 54% its gas production, has announced a 2024 annual spending plan of around 300 billion rupees as it pursues production growth. It is also spending $2 billion to recapitalize its petrochemical subsidiary ONGC Petro additions Ltd, which will also help raise its stake in the venture to 95% from 49%. 

Permian Resources

Permian Resources' estimated fiscal year 2024 cash capex budget is approximately $1.9 billion to $2.1 billion, with approximately 75% allocated to drilling and completions with the remaining 25% allocated to facilities, infrastructure, capital workover and non-operated capex. Permian Resources expects to turn-in-line (“TIL”) approximately 250 gross wells, with an average working interest of approximately 75% and 8/8ths net revenue interest of approximately 79%. The Company also expects its average completed lateral length during 2024 to be approximately 9,300 feet. Importantly, the Company’s capital budget is underpinned by an approximately 10% reduction in D&C costs per foot expected when compared to 2023.

Given the recent Earthstone acquisition, the Company expects an increasing portion of its capital budget to be allocated to high returning inventory in New Mexico. During 2024, Permian Resources anticipates that approximately 70% of its operating activity will be directed towards the Northern Delaware Basin and approximately 25% towards the Southern Delaware Basin, with the remaining portion to be allocated to its Midland Basin position.


Petrobras has unveiled its Strategic Plan for 2024-2028, under which investments of $102 billion are expected to made. This is a 31% increase over the previous plan. The $102 billion capital expenditure (CAPEX) is split into $91 billion for projects under implementation and $11 billion for projects under evaluation. CAPEX in the Exploration and Production (E&P) segment represents 72% of the total, followed by Refining, Transport and Marketing with 16%, Gas and Energy and Low Carbon with 9% and Corporate with 3%. The $73 billion E&P CAPEX will have 67% allocated to pre-salt projects. Petrobras will allocate $7.5 billion to exploration projects over the five years, with $3.1 billion for exploration in Brazil’s Equatorial Margin; $3.1 billion for exploration in its Southeast Basins; and $1.3 billion to other countries. This investment included the drilling of around 50 wells in areas where the company has exploration rights in acquired blocks. 

Onshore: Approximately $320 million of Murphy’s 2024 CAPEX is allocated to the Eagle Ford Shale, with approximately $240 million designated to drill 30 and bring online 19 operated wells, as well as drill 23 and bring online 18 non-operated wells. The remaining $80 million will support field development.

Murphy plans to spend $130 million of its 2024 CAPEX in Canada onshore. Approximately $65 million is allocated to the Tupper Montney to drill 9 and bring online 13 operated wells, with $35 million allocated to the Kaybob Duvernay to drill 4 and bring online 3 operated wells. The remaining $30 million will support field development in both areas.

Offshore: Murphy plans to spend approximately $300 million of its 2024 CAPEX in the Gulf of Mexico for development drilling and field development projects. This plan includes operated and non-operated subsea tiebacks throughout the year, as well as advancing the non-operated St. Malo waterflood project ahead of its startup in 2024.

Murphy has allocated approximately $25 million of CAPEX to Canada offshore in 2024, with the majority designated for non-operated Hibernia development drilling.

Approximately $45 million of CAPEX has been allocated to other offshore development in 2024, primarily for initial Lac Da Vang field development activities in Vietnam.

The company has allocated $120 million to its 2024 exploration program, which includes drilling two exploration wells in Vietnam and two exploration wells in the Gulf of Mexico.


PTTEP has unveiled its 2024 investment plan and a total budget of around $6.72 billion. Of the total budget, around $4.3 billion is allocated for Capital Expenditure (CAPEX) and around $2.4 billion for Operating Expenditure (OPEX). PTTEP is aiming to maximise production volume from existing assets in Thailand and Malaysia-Thailand Joint Development Area, and other overseas projects to boost Thailand’s energy security. For this, the company has set aside ~$3.2 billion. For exploration activities, PTTEP has allocated $220 million. The funds will be used for geological studies and the drilling of exploration as well as appraisal wells in Thailand, Malaysia, Oman, and the United Arab Emirates. The company is also accelerating key projects’ activities that are in the development phase, such as Lang Lebah field in Malaysia, other development projects in Malaysia, and Mozambique Area 1 Project, to achieve production start-up timelines as planned, with the allocated budget of $762 million for 2024. In 2024, PTTEP plans to invest $109 million in activities aimed at reducing greenhouse gas emissions. 

The company also unveiled a five-year investment plan of $32.57 billion. For the next five years, PTTEP plans to start gas production from Abu Dhabi Offshore 2 Project in 2025 and gas production from Malaysia SK405B Project in 2027. Also, PTTEP expects to start gas production from Lang Lebah field in Malaysia SK410B Project, Liquefied Natural Gas (LNG) production from Mozambique Area 1 Project and crude oil production from phase 2 of Algeria Hassi Bir Rekaiz project by 2028. 

Serica Energy

Serica's investments in 2024 include four wells in the Triton area (Bittern B1z sidetrack, Gannet E GE-05, Guillemot North West EC1 and Evelyn EV-02) and well work on the Bruce and Keith fields.

The estimated cost to Serica of the currently approved capital investment in its producing assets in the Bruce and Triton hubs is approximately £210 million, before tax relief. Most of the expenditures are expected to be incurred in 2024. 

Abandonment costs in 2024 are forecast to be about £14 million (pre-tax) net to Serica. These will be incurred mainly on the final decommissioning of the Arthur field, situated in the UK Southern North Sea, which was held by Tailwind Energy.

Despite the significant inflationary pressures being experienced by all operators in the UK North Sea, Serica achieved unit operating costs in 2023 of around US$19/boe based on pro-forma production of 40,121 boe/d.

The Company's target in 2024 is to maintain unit operating costs at below US$20/boe.


Statkraft, Europe’s largest renewable energy generator, is planning to invest up to six billion euros in upgrades to its Norwegian hydro and wind power facilities and construction of new onshore wind farms in 2024. 

The investment program will include:
1.8 – 3 billion euros in upgrades and transformations of Norwegian hydroelectric power plants.
1.2 – 2 billion euros in rehabilitation of dams and modernization of older power plants.
Around 1 billion euros in renewal of existing and construction of new onshore wind farms.
2,500 GWh or more wind power production (more than double the current production).
1,500-2,500 MW increased effect in hydroelectric power plants (over 20% increase in installed effect).

Tethys Oil

Tethys Oil has pledged to invest over $90 million in its upstream assets in the Sultanate of Oman during the current fiscal year. This commitment is roughly on par with its allocation of between $85 – 95 million in its portfolio of operated and non-operated blocks in 2023.

Touchstone Exploration

For 2024, Touchstone's Board of Directors has approved an initial capital budget of $33 million to drill, complete and tie-in six wells, resulting in estimated annualized average daily production between 9,100 boe/d and 9,700 boe/d with a forecasted production mix of 82 percent natural gas and 18 percent crude oil and liquids.
Touchstone's initial 2024 drilling plan includes drilling two legacy property crude oil wells, two Cascadura development wells, one Coho development well and one Coho exploration well. Production growth is expected to be weighted in the fourth quarter of 2024, with two Cascadura wells expected to be drilled in the first half of the year and tied-in to the Cascadura plant prior to the end of the third quarter of 2024. The two Coho wells are expected to be drilled in the fourth quarter of 2024, and production additions from those wells are anticipated in the first quarter of 2025.
Using midpoint forecasted average production of 9,400 boe/d and a Brent Benchmark price of $75.00 for crude oil and liquids, Touchstone expects to generate approximately $32 million of funds flow from operations. Based on the approved capital budget of $33 million, Touchstone is forecasting to exit 2024 with a net debt of $25 million, resulting in a net debt to annual funds flow from operations ratio of 0.78 times.

Trillion Energy

Trillion is planning the following capital expenditures for the 2024:
 SASB (Workovers and 5 Sidetrack Wells):  $26
 Oil Block Exploration: $9
 Total Capital Expenditures: $35

Trinity E&P

Trinity E&P's 2024 capital expenditure is expected to be US$7-8m to fund a programme of recompletions and production-related expenditure, minor sustaining capex, and growth projects such as Buenos Ayres environmental clearance and maturing Trintes 2P reserves.

Valeura Energy

Valeura Energy has announced plans to invest $8 million in pursuing exploration opportunities within its licenses offshore Thailand, and a total Capex in 2024 of $135 – $155 million. The company has identified exploration opportunities at Wassana North, Nong Yao D, and the Ratree Prospect, located near the Jasmine field. Final drilling sequencing and timing will be determined through ongoing work to optimise the drilling programme around Valeura’s development drilling plans.

KeyFacts Energy: CapEx news

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