The US and Russia have the highest capital expenditure (capex) on planned and announced projects across the oil and gas value chain over the next seven years, according to a report by GlobalData.
Titled ‘Q2 Global Oil & Gas Capital Expenditure Outlook – US Leads with the Highest New-Build Capex across Oil and Gas Value Chain’, the report focuses on global capex on planned and announced projects during the period between 2018 and 2025.
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The US is expected to spend an estimated capex of $469.1bn on 460 oil and gas projects across the globe, followed by Russia and Canada with $338.2bn (174 projects) and $281.5bn (112 projects), respectively.
Russia occupies the top position in the upstream sector, with an estimated capex of $82.2bn to be spent on 55 production fields worldwide.
Brazil and the US are next in the list with $70.1bn (50 fields) and $62.3bn, respectively.
In the midstream segment, the US will have the highest capex in the pipelines segment, with an estimated spending of $107.7bn to bring 158 planned and announced projects online during the outlook period.
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By GlobalDataIn the gas processing segment, Russia is set to incur an expenditure of $49.8bn on 13 new projects, which are anticipated to be brought on stream by 2025.
The US also leads on the LNG liquefaction front, with estimated capex of $193.8bn on 31 upcoming liquefaction terminals, while China takes the top spot in regasification capex, with $23.4bn on 22 upcoming regasification terminals.
In the underground gas storage side, Turkey has the highest capex of $11.4, estimated to be incurred on seven planned gas storage terminals over the next seven years.
China is set to invest $8.1bn on 15 upcoming liquids storage terminals.
On the downstream side, the report stated that India tops the list of countries in terms of capex on project development, followed by China and Nigeria.
India has an estimated capex of $89bn to develop nine crude oil refineries globally by 2025, while China and Nigeria are set to invest $71.1bn (13 upcoming projects) and $70.2bn (37 new projects), respectively.
