Key offshore projects are expected to add 8,209 barrels of oil a day (mbd) to global crude production by 2025, with Brazil expected to lead, according to a report by GlobalData.
Titled ‘Q2 2017 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Mexico Leads Globally with Most Early Stage Offshore Projects’, the report further states that 55.9 billion cubic feet a day (bcfd) will be added to global gas production by 2025.
A total of 346 offshore crude and natural gas projects are expected to commence production in 49 countries during 2017-2025. Out of the 346 projects, 177 are expected to be planned projects and 169 early stage announced projects.
In terms of planned projects, Brazil leads with the highest number of projects at 35, followed by the US with 18 and the UK with 14 projects. Mexico leads with the highest number of early stage projects at 42, followed by the UK with 25 and India with 15.
In terms of operators, Petroleo Brasileiro S.A. (Petrobras) is expected to lead with the highest number of planned projects at 26, followed by Statoil Petroleum with six.
Petroleos Mexicanos (Pemex) leads in terms of announced projects at 37, followed by Independent Oil and Gas with five and Shell Offshore, Statoil Petroleum AS, and Oil and Natural Gas Corporation (ONGC) with four projects each.
In terms of proposed capital expenditure (capex), a total of $391bn is expected to be spent on planned projects during the forecast period, while $394bn is estimated to be spent on announced projects.
In terms of countries, Brazil, Norway and Australia are currently anticipated to have the highest capex of $98.2bn, $31.6bn and $29.7bn respectively on planned projects.
The US is projected to lead in terms of capex spent on announced projects at $48.2bn, followed by Mozambique and Australia with $43.9bn and $32.8bn respectively.
In terms of companies, Total S.A., Exxon Mobil Corporation, and Oil and Natural Gas Corporation will have the highest spending on planned projects at $21.3bn, $17.8bn and $14.6bn respectively.
Qatar Petroleum will have the highest spending on announced projects at $29.7bn, followed by Petroleos Mexicanos and Statoil ASA with $15.6bn and $14.9bn respectively.