Lower costs and improved market conditions led to more oil and gas investments, though spending last year was below the historic average, analysis found. Energy consultant group Wood Mackenzie found that average spending last year on major projects, those with commercial reserves of more than 50 million barrels of oil equivalent, was around $2.7 billion, the lowest in a decade. Average spending over the last decade was closer to $5.5 billion. Jessica Brewer, a principal analyst at Wood Mackenzie, said operators are spending more on mature basins, expansions to existing infrastructure or on projects that can be tied in to nearby producers. Less is being spent on new oil and gas field developments. The Norwegian subsidiary of Lundin Petroleum in […]