Report: Brazil to have most offshore crude and gas projects in production for Q1 2017
Brazil is expected to have the highest number of planned offshore crude and natural gas projects in production in Q1 2017, with 38 of the global total of 279, according to a report by GlobalData.
Entitled Q1 2017 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Global Offshore Industry - Petrobras Leads Globally with Most Offshore Planned Oil and Gas Projects, the report states that Brazil will be followed by the UK with 32 and the US with 30 planned offshore crude and natural gas projects.
By 2025, the key global offshore planned projects are projected to contribute 6,990 million barrels of oil a day (Mbd) and approximately 48 billion cubic feet a day (Bcfd) to global crude and gas production respectively.
Iran will be among leading countries, with Pars Oil and Gas Company leading the companies in terms of planned offshore crude and natural gas projects in production.
In terms of operatorship, Petroleo Brasileiro SA will lead globally with highest operatorship of 30 planned projects, followed by Petroleos Mexicanos with nine.
A total capital expenditure (CAPEX) of $586bn is expected between 2017 and 2025 to bring the planned projects online. Brazil, Mozambique and the US will be the highest CAPEX spenders with $80bn, $70bn and $50bn respectively.
In terms of companies, Petroleo Brasileiro SA will have the highest CAPEX spending of $57bn, followed by Eni SpA and Royal Dutch Shell plc with $43bn each.
East Natuna in Indonesia, and Pobeda in Russia are the major undeveloped discoveries in terms of 2P reserves globally.