A total of 307 planned projects are expected to start production globally by 2020, with the highest number of planned projects being in South America, according to a report by GlobalData.
Titled ‘Monthly Global Upstream Review, December 2016 – Growth in Number of Planned Projects’, the report states that South America will have the highest number of planned projects at 59, followed by Europe (48) and Africa (46).
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The report also projects the total global production to increase to 57,587 million barrels of oil equivalent (mmboe) by 2020 representing an overall growth of 3%. The total production has increased by 1,219mmboe compared to the previous report released in November 2016.
Average capital expenditure (capex), however, is estimated to fall from $466.95bn in 2016 to $318.58bn in 2020. The capex has increased by 34% compared to the previous report.
A number of new producing fields were added in December 2016, including 311 in North America, 23 in Middle East, two in Asia, five in Europe and one in Former Soviet Union.
December 2016 also witnessed postponement of 11 projects compared to the previous report. Four projects were postponed in Europe, followed by three each in the Middle East and Africa, and one in the Former Soviet Union.
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By GlobalData
