Conventional assets across the oil majors’ portfolios to fall from 48% to 39% by 2016.

Investment in conventional assets accounted for 63% of the Majors’ total capital expenditure between 2001 – 2005.  Wood Mackenzie calculates that the proportion falls to 40% in 2011 to 2015.  Increasing investment in the deepwater (23% vs. 17%) and LNG sectors (18%vs. 11%) makes up the largest difference, with heavy oil/oil sands (9% vs. 6%) and unconventional oil/gas (9% vs. 3%) most of the remainder.