GlobalData expects that over $811bn will be spent on 615 upcoming oil and gas fields between 2018 and 2025. Globally, capital expenditure into conventional oil, heavy oil, oil sands and unconventional oil projects will add up to $352bn, $44bn, $43.4bn and $30bn respectively over the eight-year period. Conventional gas projects will require $363.2bn, while the investments into coal bed methane (CBM) and unconventional gas projects will total $3.7bn and $1.6bn in upstream capital expenditure by 2025.
Brazil accounts for $76.7bn or over 9.5% of $811bn of capital expenditure for the period of 2018 to 2025. The country has 49 announced and planned fields. Among these, top fields in terms of capex for the period are three ultra-deepwater conventional oil fields: Lula Central with $13.3bn, Lula Oeste with $6.5bn and Buzios V (Franco) with $5.6bn.
The US follows with $75.0bn or about a 9.3% share of global planned and announced capex over 2018 and 2025. The country has 37 planned and announced fields. Ultra-deepwater Mad Dog Phase 2, shallow-water Smith Bay and onshore Horseshoe are the top three fields with capex for the eight-year period of $13.4bn, $11.1bn and $6.5bn respectively. All three are conventional oil developments.
Russia is expected to contribute $72.6bn or about 9% of the total capex spending between 2018 and 2025. The country has 49 planned and announced fields. The top three fields are Sakhalin 3 (Kirinskoye South (Yuzhno-Kirinskoye)) shallow water conventional gas field with capex of $11.3bn, Kovyktinskoye conventional gas onshore project with a capex of $9.0bn and Chayandinskoye conventional gas onshore project with $5.9bn.
Nigeria, Australia, Canada, Mozambique, Norway, Indonesia and UK, together have a capex $298bn, or about 37% of the total capex spending on upcoming projects globally for the period.
Capital Expenditure into Upcoming Projects by 2025
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|Source: Upstream Analytics © GlobalData|
GlobalData expects that over their lifetime, the 615 upcoming oil and gas projects will require $1,705bn in capex to produce over 88,033 million barrels of crude and 877,448 billion cubic feet of gas. Globally, upcoming shallow water projects will have the highest total capex at $497bn. Onshore projects will require $453bn over the lifetime, while ultra-deepwater and deepwater projects carry a total capex of $429bn and $325bn respectively.
Many upcoming unconventional oil and gas projects represent new acreage developments within existing or newly acquired positions, and as such are covered under producing projects capital expenditure overview.