GlobalData’s latest report, “Monthly Global Upstream Review, September 2017 – Surge in Global Production Outlook” indicates that during the 2017–2021 outlook period, the global oil and gas production is expected to increase by 7.8 percent. Globally, total production outlook is expected to increase to 62,749 million barrels of oil equivalent (mmboe) by 2021. The total production outlook in 2021 has increased by 27.86 mmboe when compared with the August 2017 report.
A total of 458 planned projects are expected to start production by 2021. The number of planned projects has increased by one when compared with the August report. Globally, Asia (91) leads with the highest number of planned projects, followed by Africa (73) and Africa (64). The capital expenditure (capex) outlook for 2021 has increased by 2.4 percent when compared with the August 2017 report. Total capex is expected to decrease from $442,294m in 2017 to $403,065m in 2021.
In Asia a conventional gas onshore discovery, Tando Allah Yar South West 1, was made in Pakistan in September 2017. Oceania witnessed a conventional oil discovery, Xanadu-1, in Australia. In Africa a conventional gas ultra-deep discovery, Fatala-1, was made in Guinea in September 2017.
In North America, three announced fields, Narrows Lake Phase B (Cenovus Energy Inc.), Sunrise Phase 2B (Husky Energy Inc.), and Narrows Lake Phase C (Cenovus Energy Inc.), were added in Canada in the month. The US witnessed a conventional gas, deepwater discovery, MC 116-1.
In South America a heavy oil, onshore discovery, Curucucu 1, was made in Colombia in September 2017. In FSU one announced field, Srednebotuobinskoye (East Block), was added in Russia in the month.
In September 2017 the production start year of 14 planned and announced projects was postponed. Of these, seven are in Europe, four in North America, two in Africa and one each in FSU.
Globally no producing fields were abandoned and also, no planned and announced fields became producing fields in September 2017.