Report: Global oil and gas production to increase by 2.7% for 2017-21

22 June 2017 (Last Updated June 22nd, 2017 18:30)

Global oil and gas production is expected to reach 61,339 million barrels of oil equivalent (Mboe) by 2021, according to a report by GlobalData. 

Report: Global oil and gas production to increase by 2.7% for 2017-21

Global oil and gas production is expected to reach 61,339 million barrels of oil equivalent (Mboe) by 2021, according to a report by GlobalData. 

Entitled ‘Monthly Global Upstream Review, May 2017 - Spurt in Number of Planned Projects’, the report forecasts the oil and gas production to increase by 2.7% between 2017 and 2021.

The projected total production for 2021 has increased by 2,108Mboe, compared with the previous report released in April 2017. The number of planned projects has also increased by 72.

In total, 471 planned projects are scheduled to start production by 2021, with North America leading globally with 97 projects, followed by Africa with 83 and Europe with 67.

The total capital expenditure (CAPEX) is projected to decrease from $419.049bn in 2017 to $359.623bn in 2021, yet still a 5.3% increase from the previous report. 

"Producing fields added throughout the month comprised 31 in North America, 24 in Asia, 11 in Africa, ten in Europe, three in FSU and one in South America."

Regions that added announced fields during the month were the Former Soviet Union (FSU) with four, and Africa and South America with two each. 

Producing fields added throughout the month comprised 31 in North America, 24 in Asia, 11 in Africa, ten in Europe, three in FSU and one in South America. 

New discoveries made during the month included Yakaar-1 in Senegal and Emekuya-1 in Kenya. The Caribbean witnessed two discoveries, EAM1-NOP-Macadamia-1 and Savanah-1 ST1, in Trinidad and Tobago. 

South America also witnessed two discoveries, Canahuate 1 and Gorgon 1, in Colombia. One shallow water discovery, Sepand in Iran, was made in the Middle East region. 

Compared with the previous report, 15 projects have been postponed, including two in Africa, seven in Asia, one in the Caribbean, one in Europe, and four in South America.