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September 10, 2018

Brazil leads in global planned offshore projects count

GlobalData’s latest report, ‘Q2 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Brazil Leads in Planned Projects Count’ indicates that globally, 375 planned and announced offshore crude and natural gas projects are expected to commence operations in 52 countries during the period 2018–2025.

By GlobalData Energy

GlobalData’s latest report, ‘Q2 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Brazil Leads in Planned Projects Count’ indicates that globally, 375 planned and announced offshore crude and natural gas projects are expected to commence operations in 52 countries during the period 2018–2025.

Among these, 152 represent the number of planned projects with identified development plans and 223 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

The total crude and condensate production from announced and planned global offshore projects is expected to be around 8.1 million barrels per day (mmbd) in 2025, and about 47.3 billion cubic feet per day (bcfd) of natural gas.

In terms of number of upcoming global offshore oil and gas projects, Mexico leads with 39 planned and announced projects expected to start operations during the period 2018–2025, followed by the UK and Brazil with 38 and 34 projects, respectively.

Among operators, Petroleos Mexicanos leads with the highest operatorship of 32 planned and announced projects, Petroleo Brasileiro SA and CNOOC Ltd follow with operatorship of 23 and 15 upcoming offshore projects, globally.

A proposed capital expenditure (capex) of US$201 billion is expected to be spent on development of global offshore planned projects, and US$361 billion is expected to be spent on key announced offshore projects. Brazil, Mozambique and the US are the global top three countries in terms of highest capex spending with US$67.6 billion, US$45.2 billion and US$44.2 billion, respectively.

Among companies, Royal Dutch Shell Plc, Petroleo Brasileiro SA and Exxon Mobil Corp have the highest level of spending on the upcoming planned and announced projects with US$55.3 billion, and US$38.9 billion and US$38.1 billion, respectively.

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