GlobalData’s latest report, Q4 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Petrobras Leads in Global Offshore Crude Oil Production indicates that globally, 387 planned and announced offshore crude and natural gas projects are expected to commence operations in 51 countries during the period 2018–2025. Among these, 154 represent the number of planned projects with identified development plans and 223 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

In terms of number of upcoming global offshore oil and gas projects, Norway leads with 43 planned and announced projects expected to start operations during the period 2018–2025, followed by the UK and Brazil with 41 and 33 projects, respectively.

Major planned and announced global offshore projects count and capex by key countries, 2018–2025

Source: Upstream Analytics                                                                                                                                                                         © GlobalData

Among operators, Petroleo Brasileiro SA leads with the highest operatorship of 21 planned and announced projects, Equinor Energy AS follows with operatorship of 19 offshore projects, globally.

The total crude and condensate production from announced and planned global offshore projects is expected to be around 8.6 million barrels per day (mmbd) in 2025, and about 51.6 billion cubic feet per day (bcfd) of natural gas.

A proposed capital expenditure (capex) of $189.2bn is expected to be spent on development of global offshore planned projects, and $465.9bn is expected to be spent on key announced offshore projects. Brazil, Nigeria and the US are the global top three countries in terms of highest capex spending with $70.5bn, $62.7bn and $50.5bn, respectively.

Among companies, Royal Dutch Shell, Petroleo Brasileiro SA and Exxon Mobil have the highest level of spending on the upcoming offshore planned and announced projects with $59.6bn, and $37.9bn and $34.3bn, respectively.