The US, Russia, and Canada are the top spenders globally, in terms of capex to be spent on planned and announced projects across the oil and gas value chain by 2025. Image: Bureau of Safety and Environmental Enforcement (BSEE)

The US, Russia, and Canada are the top spenders globally, in terms of capex to be spent on planned and announced projects across the oil and gas value chain by 2025. The US tops the list with estimated capex of US$469.1 billion expected to be spent on 460 oil and gas projects globally. Russia and Canada follow with US$338.2 billion (174 projects) and US$281.5 billion (112 projects), respectively.  

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In the upstream sector, Russia leads among countries with estimated capex of US$82.2 billion to be spent on 55 planned and announced production fields globally.  

In the midstream side, the US is expected to lead in the pipelines segment with an estimated capex of US$107.7 billion to bring 158 planned and announced projects online by 2025. In the gas processing segment, Russia is expected to spend US$49.8 billion on 13 new projects, expected to come online during the outlook period.  

On the LNG liquefaction front, the US again leads with estimated capex of US$193.8 billion on 31 upcoming liquefaction terminals by 2025, while China leads in regasification capex, with US$23.4 billion to be spent on 22 upcoming regasification terminals.  

In the underground gas storage segment, Turkey leads with estimated capex of US$11.4 billion estimated to be spent on seven planned gas storage terminals by 2025.  

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On the downstream side, India is expected to lead with estimated capex of US$89 billion on the development of nine crude oil refineries globally by 2025.  

In the petrochemical sector, the US is expected to lead with estimated capex of US$67 billion to be spent on 83 upcoming petrochemical plants.