GlobalData’s latest analysis of crude oil production in Former Soviet Union (FSU) shows that about $123bn in capital expenditure (CAPEX) would be spent by FSU on oil projects over the next four years to ensure that production grows to around 14.2 million barrel per day (Mbpd) in 2021.

The region will have 1,883 fields producing liquid hydrocarbons by 2021, with 1,639 and 65 are conventional and heavy oilfields, while 179 are gasfields producing condensate.

FSU is expected to spend $114.3bn as CAPEX on conventional oil and $8.7bn on heavy oil projects during 2018 to 2021, with spending topping in 2018 at $31.9bn. Average full cycle CAPEX per barrel of oil equivalent for FSU’s oil projects is $6.80.

Onshore projects have an average full cycle CAPEX of $6.10 per barrel of oil equivalent, while shallow water projects have an average of $12.50 per barrel of oil equivalent in full cycle CAPEX.

Top Ten Producing Oil Projects in FSU in 2021

Source: Upstream Analytics                                                                                                                 © GlobalData

Average development break-even price for oil projects in FSU is about $30.93 per barrel.  Shallow water projects require an oil price of $50 per barrel to break even, while the onshore projects have a development break-even price of $26.4 per barrel.