An estimated 215 key oil and gas projects in 45 countries are scheduled to start operations by 2025, according to a report by GlobalData. 

The projects are expected to contribute 5,580Mbd to the global crude production and 38Bcfd to the global gas production.

Entitled 'Q3 2016 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in the Global Offshore Industry – Petrobras to Lead Global Capex Spending in Bid to Boost its Crude Production', the report reveals that Brazil will have the highest number of planned projects at 35, followed by the UK with 24 and the US with 20.

"An estimated $503bn is expected to be spent between 2016 and 2025 to bring the key planned projects online."

Kazakhstan’s Kashagan started production in October 2016, and is the biggest project to come online in the past ten years.

An estimated $503bn is expected to be spent between 2016 and 2025 to bring the key planned projects online, with Brazil alone estimated to spend $85bn.

In terms of operatorship, Petroleo Brasileiro SA will lead globally with 29 planned projects, followed by Petroleos Mexicanos with nine projects, and Pars Oil and Gas Company and Statoil ASA with seven projects each. Petroleo Brasileiro is expected to spend $63.4bn on its planned projects.

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By GlobalData

The world’s biggest underdeveloped offshore projects are located in Iran, including the North Pars field with estimated reserves of 8,333 million metric barrels of oil equivalent (Mmboe) and the Sardar-e Janga field with 8,000Mmboe of reserves.