The latest quarterly upstream report from Global Data, ‘Q1 2017 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Global Offshore Industry’ – Petrobras Leads Globally with Most Offshore Planned Oil and Gas Projects, highlights that Petroleo Brasileiro S.A. (Petrobras), a Brazilian government company, leads the companies globally both in terms of capital spending and operatorship of the new upstream offshore projects.
Of the $80bn expected to be spent by the operators in Brazil, close to $57bn would be spent by Petrobras in the next five years to bring the planned projects online. Petroleos Mexicanos, Statoil ASA and Oil and Natural Gas Corporation Limited are the other major players in the global offshore industry with most of the planned offshore projects coming up in the period 2017–25.
GlobalData upstream research in the report indicates that in the next five years, 279 key planned offshore crude and natural gas projects are expected to start operations in 46 countries. Of these, Brazil, UK and the US would be leading with the highest number of planned projects. Brazil also leads in terms of the capex spending on the planned offshore projects.
The report also says that key projects are expected to contribute about 6,990 thousand barrels of oil per day to global crude production and about 48 billion cubic feet per day to global gas production in 2025. Iran would lead in terms of the planned offshore oil and gas production.
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Q1 2017 Production and Capital Expenditure Outlook for Key Planned Upstream Projects
Globally, a total of 279 key planned offshore crude and natural gas projects are expected to start operations in 46 countries. They are expected to contribute around 6,990 mbd to global crude production and about 48 bcfd to global gas production in 2025. Among countries, the highest capex spending is expected to be majorly contributed by Brazil, Mozambique, and the US. About US$586 billion is expected to be spent between 2017 and 2025 to bring the planned projects online. Among companies, Petroleo Brasileiro S.A. would be the highest capex spending company followed by Eni S.p.A. and Royal Dutch Shell plc.