EFTA Document EFTA01367328

31 May 2015 Integrated Oil US Integrated Oils Despite the current speculation on the impact of potential reductions to brownfield capital spend linf ill drilling, tie-backs) or other decline maintenance efforts, the reality is that large projects remain the single largest driver of incremental volume growth, and the lag in project development timelines means that many of those "3100/bbl crude" projects will start over the coming 2-3 years. Figure 11: Non-OPEC peak spending from 2012-201