GlobalData’s latest report, “Global Oil & Gas FIDs in 2022,” indicates that oil and gas final investment decisions (FIDs) planned across the oil and gas value chain in 2022 continue to reflect the growth in the importance of natural gas as countries and companies continue to take measures to reduce carbon emissions and plan to become carbon neutral over the coming decades.

In the upstream sector, Africa has the highest volumes of remaining reserves from greenfield projects targeting FIDs in 2022 due to the development of major projects such as Tilenga in Uganda and Owowo West in Nigeria. Tilenga is a major crude oil production project with remaining reserves of 865MMboe, while Owowo West has reserves the size of 739MMboe.

In the midstream sector, LNG and natural gas pipelines continue to be the major target segments for sanctioning the FIDs in 2022. Especially in the US, 15 LNG liquefaction projects and three natural gas pipelines are targeted for FIDs in the current year for exports to demand centres in Asia or Europe.

In the refinery segment, major new build refinery projects expected to receive FIDs in 2022 are Tuban II in Indonesia and Lobito in Angola. In the petrochemicals sector, major projects expected to receive FIDs are in China, India, and the US. These projects are being planned to meet the ever-growing demand for petrochemicals in India and China and to use ample gas production in the US as feedstock.