A total of 383 global offshore projects are expected to add 8.94 million barrels of oil a day (Mbd) of crude production and 56.8 billion cubic feet a day (Bcfd) of gas production by 2025, according to a report by GlobalData.
Titled ‘Q3 2017 Production and Capital Expenditure Review for Key Planned and Announced Upstream Projects in Global Offshore Industry – Brazil Leads in Global Planned Projects Count’, the report states that 165 projects out of the total 383 are planned projects, while the remaining 218 are early stage announced projects.
Brazil is leading globally with the highest number of planned oil and gas projects at 29, followed by the US and Norway with 17 and 12 respectively.
In terms of operators, Petroleo Brasileiro SA is leading globally with the highest number of planned projects at 20, comprising 19 crude and one natural gas projects. Oil and Natural Gas Corporation (ONGC) follows Petroleo Brasileiro with six planned projects.
Petroleos Mexicanos (Pemex) leads with the highest number of announced projects at 37, followed by China National Offshore Oil Corporation (CNOOC) with seven and ONGC with five.
The proposed capital expenditure (CAPEX) to be spent on planned projects during the forecast period is estimated at $321bn, while $398bn is expected to be spent on announced projects.
Brazil is leading in terms of CAPEX on planned projects at $76.4bn, followed by the US with $31.3bn, and Australia having $22.8bn.
Mozambique is leading in terms of CAPEX on announced projects at $46.7bn, followed by the US ($44.4bn) and Australia ($28.8bn).
Among operators, Petroleo Brasileiro SA is expected to spend the highest CAPEX on planned projects at $52.3bn, followed by Royal Dutch Shell Plc with $24.2bn and BP Plc with $17.9bn.
The highest level of spending on early-stage announced projects will be by Royal Dutch Shell Plc at $43.2bn, followed by Exxon Mobil Corporation with $19.2bn, and Statoil ASA with $17.5bn.