GlobalData’s latest report, ‘Quarterly Global Oil & Gas Capital Expenditure Outlook – High New Build Capex on Crude Oil Refineries’ states that a total capital expenditure (capex) of $3.3 trillion is expected to be spent globally across oil and gas value chain on planned and announced projects during 2018 to 2025. Of the total capex, $545bn is expected to be spent alone in 2018.
Around 45% or $1,502bn could be spent on midstream projects, and 22% or $729bn on upcoming crude oil refineries. Close to 24% or $801bn is expected to be spent on the major planned and announced production fields. The petrochemicals sector is expected to account for 9% of the global total or $301bn.
In oil and gas value chain, production fields, crude oil refineries, and trunk or transmission pipelines are expected to lead capital spending with $801bn, $729bn and $631bn respectively by 2025.
Capex spending on global planned and announced projects by segment across oil and gas value chain
|Source: Upstream Analytics © GlobalData|
Among oil and gas companies, Gazprom, ExxonMobil and Royal Dutch Shell are the top spenders in terms of capex to be spent across oil and gas value chain by 2025. Gazprom tops the list with an estimated capex of $179bn. ExxonMobil and Royal Dutch Shell follow with $97bn and $92bn, respectively.
In upstream segment, on planned and announced production fields, Shell would lead among companies with capex of $58bn. Gazprom is expected to lead both pipeline and gas processing segments with estimated capex of $79bn and $22bn, respectively.
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In the LNG segment, ExxonMobil is expected to have a capex of $47bn on upcoming liquefaction terminals while China Overseas Holdings Ltd is expected to have $4bn on regasification terminals.
Bendis Energy leads with an estimated capex of $11bn in underground gas storage segment, while the State Company for Oil Projects leads with capex of $2bn on liquids storage terminals.
In downstream segment, Petroleos de Venezuela SA is expected to lead with an estimated capex of $34bn on development of crude oil refineries. In the petrochemicals segment, Carbon Holdings Ltd is expected to lead with estimated capex of $9bn to be spent on petrochemical plants.
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