EIC Monitor report indicates slowing activity in global energy sector
Global energy project activity slowed during 4Q 2013, dropping to 412 projects, a 21% decrease compared to 3Q 2013, but a small 2% increase on 4Q 2012.
LONDON –Global energy project activity slowed during 4Q 2013, dropping to 412 projects, a 21% decrease compared to 3Q 2013, but a small 2% increase on 4Q 2012. The total potential investment value of $222.3 billion is almost half of that the last quarter, decreasing by 48%, according to the EIC Monitor quarterly report from the Energy Industries Council (EIC).
The report showed that, for 4Q 2013,there were 412 new projects announced across the global energy supply chain with an estimated total value of $222.3 billion, compared to 524 in 3Q 2013 totaling $424.5 billion and 405 new projects in 4Q 2012 worth $292.8 billion.
The upstream sector has seen a decrease of 25% in the total number of new projects proposed this quarter, falling to 50 projects from 67 projects last quarter, with a 36% decrease in the total potential investment value of new project announcements since 3Q 2013.
EIC Monitor CEO Claire Miller, commented,“Overall, figures this quarter indicate that project activity in the energy industry has contracted with a 21% decrease in the number of new projects compared to 3Q 2013, along with a significant reduction in investment. Despite lower investment, taken in the broader context of the last six months, project numbers have returned to similar levels found in 2Q 2013 following a sharp rise in activity in 3Q 2013.”