Report: Global oil and gas production projected to increase by 7.8% by 2021

10 November 2017 (Last Updated November 10th, 2017 12:19)

The global oil and gas production is expected to increase by 7.8% between 2017 and 2021, according to a report by GlobalData.

The global oil and gas production is expected to increase by 7.8% between 2017 and 2021, according to a report by GlobalData.

Titled ‘Monthly Global Upstream Review, September 2017 – Surge in Global Production Outlook’, the report forecasts the global production to increase to 62,749 million metric barrels of oil-equivalent (Mmboe) by 2021.

Compared with the August 2017 report, the total production outlook for 2021 has increased by 27.86Mboe. A total of 458 planned and announced projects are expected to come online globally by 2021, which is an increase of one when compared with the August report.

In terms of regions, Asia is leading with the highest number of planned and announced projects at 91, followed by Africa with 73 and South America with 64.

“Three announced fields were added during the month in North America, with one in the FSU region.”

Three announced fields were added during the month in North America, with one in the FSU region. One onshore discovery each in Asia and South America, one ultra-deep discovery in Africa and one conventional oil discovery in Oceania were added during the month. One planned field was added in the Middle East.

During the month, the start year of 14 planned and announced projects was postponed including seven in Europe, four in North America, two in Africa, and one in FSU.

Furthermore, no producing fields were abandoned and no planned and announced fields started producing.

The projected capital expenditure (CAPEX) for the forecast period increased by 2.4% compared to the previous month’s report. The total CAPEX is projected to decrease from $4.4bn in 2017 to $4bn in 2021.