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November 19, 2018

US leads new-build capex outlook globally across oil & gas value chain

GlobalData’s latest report, 'Q3 Global Oil & Gas Capital Expenditure Outlook – Gazprom Leads New-Build Capex Outlook among Companies' states that a total capital expenditure (capex) of $3.6tn is expected to be spent globally across oil and gas value chain on planned and announced projects during 2018 to 2025.

By GlobalData Energy

GlobalData’s latest report, Q3 Global Oil & Gas Capital Expenditure Outlook – Gazprom Leads New-Build Capex Outlook among Companies states that a total capital expenditure (capex) of $3.6tn is expected to be spent globally across oil and gas value chain on planned and announced projects during 2018 to 2025.

Globally, the US, Russia, and Canada are the top countries in terms of new-build 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 $521.4bn, which is expected to be spent on 484 oil and gas projects. Russia and Canada follow with $317.3bn (on 192 projects) and $309.8bn (on 119 projects), respectively.

In the upstream sector, Russia is expected to lead among countries with estimated capex of $77.5bn to be spent on 54 planned and announced fields globally. Brazil and the US follow, each with almost same capex of $70bn.

Capex spending by key countries on planned and announced projects across oil and gas value chain

Source: Upstream Analytics, GlobalData Oil and Gas                                                                                © GlobalData

On the midstream side, the US is expected to lead in the pipelines segment with capex of $123.6bn to bring 165 planned and announced projects online by 2025. In the gas processing segment, Russia is to spend $40.8bn 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 $216.4bn on 32 upcoming liquefaction terminals by 2025, while China leads in regasification capex, with $18.1bn to be spent on 22 upcoming regasification terminals.

In the underground gas storage segment, Turkey leads with estimated capex of $11.4bn to be spent on seven planned gas storage terminals by 2025, while for liquids storage terminals, the US leads with capex of $9.3bn expected to be spent on 32 upcoming projects.

On the downstream side, India is expected to lead with estimated capex of $89bn on the development of nine crude oil refineries globally by 2025. In the petrochemical sector, China is expected to lead with estimated capex of $76bn to be spent on 215 upcoming petrochemical plants.

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