Report: 2.6% global oil and gas production increase predicted by 2021

27 July 2017 (Last Updated July 27th, 2017 18:30)

The total oil and gas production between 2017 and 2021 is expected to increase by 2.6% globally, according to a report by GlobalData.

The total oil and gas production between 2017 and 2021 is expected to increase by 2.6% globally, according to a report by GlobalData. 

Titled ‘Monthly Global Upstream Review, June 2017 – Capital Expenditure in Africa to Surge by 2021’, the report predicts a total of 432 planned projects to commence production by 2021.

Asia is expected to lead globally with the highest number of planned projects at 71, followed by Africa with 70 and Europe with 65. The total number of planned projects has increased by two compared from the May 2017 report. 

The total global production is projected to increase to 61,367 million barrels of oil-equivalent (Mboe) by 2021, which is an increase of 28Mboe compared with the May 2017 report. 

"The total global production is projected to increase to 61,367Mboe by 2021, which is an increase of 28Mboe compared with the May 2017 report."

Total capital expenditure (CAPEX) is projected to decrease from $428.4bn in 2017 to $366.21bn in 2021. The total CAPEX has increased by 1.8% compared with the previous report. 

Producing fields added during the month included 54 in the US, seven in Asia and one each in Africa, Europe and Mexico. In June 2017, two announced fields were added for both Africa and the UK, with one each in the Former Soviet Union and the US. 

Discoveries made during the month included two in Asia, two in the Caribbean, and one in South America. 

A total of ten projects were postponed during the month, compared with the May report.