Report: Global oil and gas production to grow between 2017 and 2021

18 May 2017 (Last Updated May 18th, 2017 18:30)

Global oil and gas production is forecast to increase by 2.3% during the 2017-21 period, according to a report by GlobalData.

Global oil and gas production is forecast to increase by 2.3% during the 2017-21 period, according to a report by GlobalData. 

Titled ‘Monthly Global Upstream Review, April 2017 – Positive Turnaround in Production Outlook’, the report projects the production reach 59,230 million barrels of oil equivalent (Mboe), an increase of 2,010Mboe compared with the March 2017 report.

At least 399 planned projects are projected to start production by 2021, an increase of 20 compared with the previous report. Regions with the highest number of planned projects include Africa (70), South America (70), North America (60) and Asia (59).

The total CAPEX is projected to decrease from $392.74bn in 2017 to $345.33bn in 2021. The CAPEX has decreased by 3.4% from the previous report. 

South America had the highest number of producing fields added in April 2017 at 11, including two in Peru and the remaining in Argentina. One discovery also added in the region was Turaco 1 in Colombia.

"At least 399 planned projects are projected to start production by 2021."

North America witnessed the second highest number of producing fields added in April 2017, including Wheatland (Encana Corporation) and Greater Sierra (Encana Corporation), both in Canada, and Eagle Ford (CNOOC Limited) in the US.

Two producing fields were added in Asia, including Kinza in Pakistan and Gauri in India. The Former Soviet Union region also witnessed the addition of two producing fields, Koptevskoye & Novo-Koptevskoye, and Danilovskoye (IRK), both in Russia.

One producing field, was added in Europe with the UK's Rough field, while one producing field was also added in Africa through Adanga North Horst in the Gulf of Guinea, Nigeria. The region also witnessed two discoveries, SD-1X in Egypt and B1-16/3 in Libya.

In terms of announced fields, the Former Soviet Union added four in Russia, which are Parusovoye – Parusovoye North & Semakovskoye, Kondinskaya Group, Payakhskoye North (Severo-Payakhskoye), and Payakhskoye.

One announced field was added in the Middle East in April 2017, which was Qatar's North Field Expansion. 

Seven projects were postponed in April 2017, comprising two in Africa and one each in Asia, Caribbean, Europe, North America, and South America.