A total of 379 oil and gas projects are expected to start production in 2021, with the estimated capital expenditure (CAPEX) on planned projects increased by 9.4%, according to a report by GlobalData.
Titled ‘Monthly Global Upstream Review, March 2017 – Marginal Upturn in Global CAPEX Outlook', the report recorded an addition of five projects compared to the previous report.
CAPEX is projected to decrease from approximately $4.43bn in 2017 to $315.40bn in 2021. South America leads globally with a total of 69 planned projects, followed by Africa with 68 and North America with 60.
Three fields were added in South America, including two planned in Brazil and one producing site for Colombia. Eight were added in Africa, including one in Benin, two producing fields in Egypt and five producing fields in Sudan.
Five announced fields and three producing sites were added in North America, including one discovery in Alaska, called Horseshoe 1.
Eight fields were added in Asia, including six producing locations in Indonesia (three), one in China, and one in India. Europe witnessed seven field additions, including three producing sites together in the Netherlands (three) and one in Norway.
Five producing fields were added in the Former Soviet Union region, and two in the Middle East.
Three projects were postponed during the month, with one each in North America, Africa, and the Caribbean.