The global total of oil and gas production is projected to fall at a rate of 3.4% to 56,704 million barrels of oil equivalent (Mboe) by 2021, according to a report by GlobalData.

Entitled ‘Monthly Global Upstream Review, January 2017 – Marginal Downturn in Global Oil and Gas Production Forecast’, the latest report indicates an increase in total forecast production in 2021 by 1,313Mboe compared with the December 2016 report.

A total of 344 planned projects are expected to start production by 2021, including 69 in South America, 63 in Africa and 54 in Europe. The number of planned projects has increased by 37 since the previous report.

The average capital expenditure (CAPEX) is expected to decrease over the forecast period, from $411,485m in 2017 to $294,033m in 2021. The CAPEX recorded a decrease of 9% compared to the previous report.

"A total of 344 planned projects are expected to start production by 2021."

The report further states that 102 new producing fields were added in Europe, 57 in North America, 13 in near Russia, five in the Middle East, three in Asia, two in Africa and one in South America.

New discoveries announced include the Erut 1 discovery in Kenya, the Amanah Timur 1 discovery in Indonesia, 6608/10-17 in Norway, the Novosamarskoye in Russia, the Peshkabir 2 in Iraq, and two discoveries each in Guyana and Colombia.

Compared with the previous report, a total of 34 projects were postponed in January 2017 with South America and Asia witnessing the highest number of these.