GlobalData’s latest report, ‘Monthly Global Upstream Review, March 2018 – Drop in Planned and Announced Projects Count’ indicates that during the 2018–2022 outlook period, the global oil and gas production is expected to increase by 2.3%.

Globally, total production outlook is expected to increase to 60,997 million barrels of oil equivalent (mmboe) by 2022. The total production outlook in 2022 has decreased by 517mmboe when compared with the February 2018 report.

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A total of 497 planned projects are expected to start production by 2022. The number of planned projects has decreased by 12 when compared with the February report. Globally, Asia (103) leads with the highest number of planned projects, followed by Europe and Africa with 76 and 74 respectively. The capital expenditure (capex) outlook for 2022 has decreased by 0.12 percent when compared with the February 2018 report. Total capex is expected to decrease from $393,115mn in 2018 to $341,315mn in 2022.

In Africa, a conventional oil ultra-deepwater discovery, Boudji-1, was made Gabon in March 2018. The region has no planned and announced field additions during the month.

South America witnessed a conventional oil onshore discovery called Tortuga Sur-A001 in Ecuador during the month. The region also witnessed an announced field addition, Estancia Vieja Phase 2, in Argentina.

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The Middle East has a conventional gas onshore discovery called Mabrouk North East in Oman. In Europe, two conventional oil and gas discoveries were made in March 2018. Of these, 9/18a-40 is a shallow water conventional oil discovery in the UK, while 6604/5-1 is a deepwater conventional gas discovery in Norway. North America witnessed an announced field addition called Main Pass 286 Phase 2 in the US. Asia witnessed an onshore conventional oil discovery called Adhi South X-1 in Pakistan.

The production start year of 10 planned and announced projects was postponed in March 2018 when compared with the previous report. Of these, four are in Africa, two in Oceania, and one each in Asia, Europe, Middle East, and North America.

There were no abandoned fields, and no planned and announced fields were transformed into producing fields during the month.

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