Global oil and gas production is expected to grow 7% during the 2017–21 outlook period, increasing to 60,264 million metric barrels of oil equivalent (Mmboe) by 2021, according to a report by GlobalData.
Titled ‘Monthly Global Upstream Review, November 2017 – Surge in the Middle East’s Capital Expenditure’, the report states that a total of 459 planned and announced projects are expected to become operational globally by 2021.
However, GlobalData has revised the total production outlook for 2021, lowering the expected output by 871Mmboe when compared with the October 2017 report.
Asia is leading the pack globally in terms of the number of planned and announced projects with 98, followed by Africa and Europe with 73 and 66 respectively.
The aggregate CAPEX is projected to fall from $481.33bn in 2017 to $430.29bn in 2021.
Asia, North America, and the UK made one discovery each in November 2017.
With respect to announced fields, Asia added three fields in the month, while South America added two.
Meanwhile, the Middle East added one announced field during the month.
The start of production was deferred for 16 projects in the planned and announced categories, including four each in Africa and South America, three in Europe, two in the Middle East, with one each in Asia, North America, and Oceania.