The upstream oil and gas industry is expected to benefit globally through 239 planned offshore crude and natural gas projects starting by 2025, according to a new report by GlobalData.

Entitled ‘Q1 2016 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Global Offshore Industry‘, the report highlights that these key projects are estimated to add 6.7 million barrels of oil per day (Mbd) of crude and 36.6 billion cubic feet per day (bcfd) of gas production globally.

"Total capital expenditure on the planned developments is estimated to be $692.6bn."

It further estimates that the total capital expenditure on the planned developments will be $692.6bn, with $502.6bn of this being spent between 2016 and 2025.

Brazil leads with the largest number of planned upstream projects (39) followed by the UK (29) and Norway (18). Brazil’s state-owned Petroleo Brasileiro S.A is expected to yield 1.8 million barrels of oil equivalent per day (mmboed) in 2025 through its planned offshore projects.

Brazil’s offshore spending will be the highest in the forecast period, at $126.4bn, with national oil company Petroleo Brasileiro alone spending $93.9bn on developing its planned assets.

Petroleo Brasileiro will occupy the top spot with 34 operated projects followed by Petroleos Mexicanos and Chevron Corporation with nine projects each.