With the global oil and gas industry comfortable with the lower for longer oil price environment, 620 oil and gas projects are slated to come online in the near to mid-term globally.
Of these, 267 projects have progressed past the final investment decision, while the remainders are early stage, announced projects undergoing commercial feasibility studies.
Among global upcoming projects, Africa leads with the highest total capital expenditure (capex), US$380.1 billion attributed to 91 projects. Noticeably Asia, which is in fifth position in terms of total capex for upcoming projects with US$169.8bn, is the leading region globally in number of new projects with 129. This incongruity in project count versus capex spend is supported on an asset level. Africa has three offshore conventional gas to LNG projects, all in Mozambique, in the top 10 capex spend for planned projects globally accounting for 34% of capex spent in the group. Asia has one project in Indonesia contributing 9% of capex spend in the same grouping.
Planned/announced project capex by region vs project count
|Source: Upstream Analytics © GlobalData|
Though Asia leads globally in the number of new oil and gas projects, 83% of these are onshore and shallow water and half of those projects are in India. This aligns with India’s aggressive efforts to increase domestic oil and gas supply.
132 new oil and gas projects globally are expected to commence production by end of 2018. South America leads the groups with 28 projects estimated to commence production in 2018 with an accompanying total capex of US$28.3bn.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Oceania, through its series of conventional gas and coal bed methane (CBM) projects starting production in 2018, leads in capex spend with US$63.2bn over the lifetime of 7 projects recovering 4,033mmboe of reserves.
Over US$59bn is anticipated to be spent in the African region across 21 onshore and shallow water projects coming online in 2018 and recovering 2,376mmboe of reserves over their lifetime.
For more insight and data, visit the GlobalData Report Store – Offshore Technology is part of GlobalData Plc.