Report: Global oil and gas production to increase by 3.8% between 2017 and 2021

24 August 2017 (Last Updated August 24th, 2017 18:30)

The total global oil and gas production during 2017-21 is projected to increase at a compound annual growth rate (CAGR) of 3.8%, according to a report by GlobalData.

Report: Global oil and gas production to increase by 3.8% between 2017 and 2021

The total global oil and gas production during 2017-21 is projected to increase at a compound annual growth rate (CAGR) of 3.8%, according to a report by GlobalData.

Titled ‘Monthly Global Upstream Review, July 2017 - North America has the Highest Development Costs for Planned and Announced Projects’, the report anticipates the total production to increase to 61,875 million metric barrels of oil equivalent (Mmboe) by 2021.

Globally, a total of 437 planned and announced projects are scheduled to begin production by 2021, which is an increase of 12 compared to the June 2017 report. The total production outlook for 2021 has also increased by 508Mmboe compared to the June paper.

Asia is the leading continent, with 82 planned and announced projects, followed by Africa with 72, and Europe with 65.

In Asia, a total of 34 fields were added in July, of which 26 are producing, five are announced, and three are planned.

"A total of 437 planned and announced projects are scheduled to begin production by 2021."

Two announced and two producing fields were added in Africa, while two announced fields and two discoveries were added in Europe. Seven producing fields were added in the Former Soviet Union in addition to five onshore, conventional oil discoveries.

North America added 16 producing fields, while one was added in the Middle East. Three producing fields and a planned field were added in South America. In Oceania, one onshore, conventional oil discovery in Australia was added.

Compared to the previous report, a total of nine projects were postponed, including three in South America, two in Europe, and one each in Africa, Caribbean, Middle East and Oceania.

The total capital expenditure (capex) is projected to decrease from $4.2bn in 2017 to $3.6bn million in 2021, which is a decrease of 1.2% compared to the June 2017 report.