GlobalData’s latest report indicates that globally, 387 planned and announced new-build offshore crude and natural gas projects are expected to commence operations in 51 countries during the period 2019–2025. Among these, 154 are planned projects with identified development plans and 223 are early-stage announced projects that are undergoing conceptual studies and that are expected to get approval for development.

In terms of the number of upcoming offshore oil and gas projects, the UK leads globally with 45 planned and announced projects expected to start operations during the period 2019–2025. Among these, 14 projects are in the planned stage and rest of 31 projects are in the announced stage. Norway and the US follow in the new-build projects count with 42 and 32 projects, respectively.

Figure: major planned and announced global offshore projects count and capex by key countries, 2019–2025

Source: Upstream Analytics. © GlobalData

Among operators, Petroleos Mexicanos (Pemex) leads with the highest operatorship, with 16 planned and five announced projects. Petroleo Brasileiro (Petrobras) follows with 13 planned and four announced projects.

The total crude and condensate production from announced and planned global offshore projects is expected to be around eight million barrels per day (mmbd) in 2025, while natural gas production is expected to be about 50 billion cubic feet per day (bcfd).

Globally, proposed capital expenditure (capex) of $184bn is expected to be spent between 2019 and 2025 to bring the planned offshore projects online, while $455.5bn is expected to be spent on key announced projects.

Among countries, Brazil is expected to spend about $28.6bn on planned projects, the highest among all the countries during 2019–2025. Norway follows with $21.8bn.

Nigeria accounts for most of the capex on early-stage announced projects with $52.4bn, followed by the US and Australia with $50.8bn and $37.4bn, respectively.

Among companies, Qatar Petroleum, Petrobras, and BP have the highest capex on planned projects with $21.2bn, $18.5bn and $12.9bn, respectively.

Royal Dutch Shell leads in capex on early-stage announced projects with $55.1bn, followed by ExxonMobil with $20.9bn.