The total number of planned and announced projects scheduled to commence production by 2021 stand at 462, with a majority of them being in Asia, according to a report by GlobalData.

Titled ‘Monthly Global Upstream Review, October 2017 – Growth in Total Oil and Gas Production Outlook’, the report states that the number of projects has increased by four compared to the September report.

The total oil and gas production between 2017 and 2021 is projected to increase by 7.1% to 61,134 million metric barrels of oil equivalent (Mboe). The total production outlook decreased by 1,615Mboe, compared with the September report.

“The CAPEX is expected to decrease from $437.06bn in 2017 to $403.1bn in 2021.”

The latest report states that Asia will have the highest number of planned and announced projects at 94, followed by Africa with 72 and South America with 66.

Asia added two discoveries in October 2017, while the UK, South America and Former Soviet Union (FSU) each added one discovery. Four announced fields were added in Asia and North America, while two were added in the UK. North America, FSU, and the Middle East added one planned field each.

The total capital expenditure (CAPEX) is expected to decrease from $437.06bn in 2017 to $403.1bn in 2021.

The start of production for seven planned and announced projects was postponed during the month, comprising two each in Africa and South America, and one each in Asia, Europe, and the Middle East, the report adds.