Global upstream oil and gas production is expected to reach 57,660 million metric barrels of oil equivalent (Mmboe) by 2020, growing at an average rate of 3.7%, according to a report by GlobalData.
Entitled 'Monthly Global Upstream Review, June 2016 – Global Downturn on Capex Spending to Continue', the report states that forecast production in 2020 decreased by 486Mmboe, compared with May 2016 figures. The average capex spending is estimated to decrease by 10.1% by 2020.
A total of 324 projects are planned for development between 2016 and 2020. The top regions with the most number of planned projects include South America (65), Africa (51) and North America (46). The number of planned projects decreased by one compared with May 2016.
New discoveries were added in June 2016, including two in Africa – EG 01-1 in Equatorial Guinea and Baltim SW 1 in Egypt.
New producing fields were also added in the month, including five in Asian countries including India, Indonesia and Malaysia. Five planned fields in India and four discoveries in Pakistan were also added.
Other regions where new producing fields were added in June 2016 included Europe (four), North America (eight), Oceania (one), Former Soviet Union region (ten) and South America (one).
Seven projects have been postponed in June with Europe having the highest number of postponements, at three.