GlobalData’s latest report, “Monthly Global Upstream Review, February 2018 – Marginal Upturn in Total Production Outlook” indicates that during the 2018–2022 outlook period, the global oil and gas production is expected to increase by 3.2%. Globally, total production outlook is expected to increase to 61,514 million barrels of oil equivalent (mmboe) by 2022. The total production outlook in 2022 has increased by 467mmboe when compared with the January 2018 report.

A total of 509 planned projects are expected to start production by 2022. The number of planned projects has increased by four when compared with the January report. Globally, Asia (107) leads with the highest number of planned projects, followed by Africa and Europe with 76 each. The capital expenditure (capex) outlook for 2022 has decreased by 2.18% when compared with the January 2018 report. Total capex is expected to decrease from $399,251mn in 2018 to $403,065mn in 2022.

Total Annual Capex Forecast ($mn)

Source: Upstream Analytics                                                                                                                                                         © GlobalData

In Europe, three conventional oil and gas discoveries were made in this month, of which Calypso-1 and Nowe Siolo-1A are conventional gas discoveries in Cyprus and Poland and 24/9-12 S, is a conventional oil discovery in Norway. The region also had a planned field addition, Yme Redevolpment, in Norway during the month.

In Africa, two conventional oil and gas, onshore discoveries, KSS-2 in Morocco and Kafra 1 were made during the month. The region also had an announced field addition, Tortue in Mauritania.

In Oceania, two planned fields, Atlas and Roma East, were added in Australia during the month of February 2018. Asia witnessed an onshore conventional gas discovery, Bhola North-1 in Bangladesh.

In February 2018, the production start year of seven planned and announced projects was postponed. Of these, three are in the FSU, two in South America, and one each in the Caribbean and Europe.

Globally, no producing fields were abandoned and also, no planned and announced fields became producing fields in February 2018.