Oil and gas production is expected to increase worldwide by 7.3% to 62,722 million barrels of oil equivalent (Mboe) by 2021, according to a forecast in a report by GlobalData.
Titled ‘Monthly Global Upstream Review, August 2017 – Asia Leads in Global Planned Oil and Gas Projects Count’, the report states that the production outlook for 2021 increased by 847Mboe compared with the July 2017 report.
The report also states that a total of 457 planned and announced projects are expected to begin production by 2021, an increase of 20 compared with the July report.
In terms of regions, Asia leads globally with the highest number of planned projects at 92, followed by North America with 72 and Africa with 66.
Europe added three new discoveries during August 2017, FSU region added two, and one discovery was made in both Asia and South America. One announced field was added in North America and the Middle East.
A total of 11 planned and announced fields began production in August 2017, including three in the Caribbean and two each in North America and Europe.
A total of 16 producing fields were abandoned during the month, including eight in North America, six in South America, and one each in the Middle East and FSU.
The total capital expenditure (CAPEX) for 2021 increased by 8.8% from the July report. However, the total CAPEX is projected to decrease from $437.62bn in 2017 to $393.67bn in 2021.