Global oil and gas production is projected to fall to 56,116 million barrels of oil equivalent (Mboe) between 2017 and 2021, according to a report by GlobalData.
Entitled ‘Monthly Global Upstream Review, February 2017 - Decline in Global Capex Outlook’, the report states that the production outlook for 2021 decreased by 588Mboe compared with the previous report in January 2017.
By 2012, 372 planned projects are expected to start production. South America (68), Africa (67), and North America (57) are expected to lead with the highest amount. The number of planned projects has increased by 28 compared with the previous report.
The capital expenditure (CAPEX) on planned projects is expected to decrease from $407.94bn in 2017 to $292.56bn in 2021. The CAPEX has decreased by 0.2% compared with the previous report.
In terms of new field additions in February 2017, Asia had the highest number at eight, including three planned and five producing, followed by Africa with the addition of three fields including one announced and two planned.
One producing field and one discovery were added in Europe, while five producing fields were added in the Former Soviet Union region and North America.
Three projects were postponed, including two in Africa and one in the Middle East, compared with the previous report.