Global Offshore Oil and Gas Upstream Development Outlook to 2025
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Globally, during the outlook period 2021-2025, a total of 355 key crude and natural gas offshore projects are expected to start operations in 48 countries. Among these, 130 represent the number of planned offshore projects with identified development plans and 225 represent the number of early-stages announced offshore projects that are undergoing conceptual studies and that are yet to be approved for development (pre-FID). In terms of the number of planned offshore oil and gas projects, Brazil leads among countries with 17 projects, followed by China with 14 projects. The UK leads in terms of announced offshore projects with 33, followed by Norway with 19 projects. Among regions, Africa and Asia are expected to lead the global offshore capital expenditure (capex).
What are the global trends in offshore upstream development?
Global crude, condensate, and natural gas production from active and planned offshore fields is expected to increase from 46.0 million barrels of oil equivalent per day (mmboed) in 2019. The production from both announced and planned offshore oil and gas projects are expected to increase by 2025. However, it is unlikely for the production to reach its expected potential from upcoming projects as the announced projects with an internal rate of return (IRR) of less than 15 percent (announced-marginal and announced-unlikely) may not go ahead under the current economic outlook.
During the outlook period 2021–2025, 355 planned and announced offshore projects are expected to start operations by 2025 across the globe. Asia and Europe together are expected to have 191 projects or more than 50% of all upcoming projects during the outlook period. Africa and North America follow next with 46 and 39 projects respectively that are expected to come online between 2021 and 2025. So far in 2021, Asia has seen the highest number of projects starting with 6.
What are the key economic metrics of major upcoming oil projects?
Globally, among the key upcoming offshore crude projects that are expected to start operations in the period 2021–2025, Trion of Mexico is the biggest field in terms of recoverable reserves. Lula Oeste and Buzios VI (Franco) in Brazil are some other key projects with the highest recoverable reserves. Among the key upcoming oil projects across the globe during the outlook period, Buzios VI (Franco) in Brazil has the highest IRR of more than 50%, while Trion has the lowest IRR of more than 10%.
Brazil contributes more than 25% of the total crude oil and condensate reserves of the total remaining crude oil and condensate reserves of global planned and announced offshore projects for the period 2021–2025. In terms of the highest IRR, the oil projects in Timor-Leste are expected to lead with more than 80%. While the upcoming oil projects in Denmark have the lowest IRRs. For break-even oil prices, Denmark’s upcoming fields have the highest break-even price per barrel. Whilst projects in Cameroon have the lowest break-even prices across the globe.
What is the expenditure outlook for new projects in the Global Offshore Upstream Development?
Out of the total proposed offshore new project capex, more than 20% is expected to be spent on the planned and announced projects in the Africa region during the period 2021–2025. Asia closely follows Africa. A significant amount of capex in these regions comes from announced projects, indicating limited assurance. Of the total capex expected to be spent on planned and announced projects, Brazil accounts for more than 10% of the global proposed capex, followed by Mozambique. More than 30% of total capex is expected to be spent on planned and announced projects by the top five countries – Brazil, Mozambique, Qatar, the US, and China together during the outlook period. Among the key companies, during the outlook period 2021–2025, Qatar Petroleum is expected to be the top spender on its upcoming projects followed by Petroleo Brasileiro SA, and Royal Dutch Shell Plc. The new build capex spent in shallow water terrain outweighs capex in ultra-deepwater and deepwater during the outlook period and shows an increasing pattern year on year out to 2025.
Which are the key companies for major planned and announced projects?
The key companies for major planned and announced projects include Qatar Petroleum, Petroleo Brasileiro SA, Royal Dutch Shell Plc, TotalEnergies SE, National Iranian Oil Co, Exxon Mobil Corp, Equinor ASA, Eni SpA, BP Plc, Chevron Corp, Gazprom, Woodside Petroleum Ltd, Oil and Natural Gas Corp Ltd, Abu Dhabi National Oil Co, and China National Petroleum Corp.
Global offshore oil and gas upstream development, by key companies
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Market report scope
Key Companies | Qatar Petroleum, Petroleo Brasileiro SA, Royal Dutch Shell Plc, TotalEnergies SE, National Iranian Oil Co, Exxon Mobil Corp, Equinor ASA, Eni SpA, BP Plc, Chevron Corp, Gazprom, Woodside Petroleum Ltd, Oil and Natural Gas Corp Ltd, Abu Dhabi National Oil Co, and China National Petroleum Corp |
Scope
- Global offshore oil and gas production outlook by region, key countries, and key companies for 2021-2025.
- Global new offshore projects capital expenditure outlook by region, key countries, key companies, field terrain, and facility type.
- Key economic metrics of major upcoming oil and gas offshore projects globally.
- Important project Economics of offshore oil and gas projects by key countries.
- Major projects start by region, and project count by key countries, field terrain, and facility type.
- Latest offshore project updates and details of key planned crude and natural gas projects.
Reasons to Buy
- Understand global offshore oil and gas production and capex outlook during the period 2021-2025.
- Keep abreast of major global offshore key planned production projects during the outlook period.
- Facilitate decision-making on the basis of strong oil and gas offshore production and capex data.
- Develop business strategies with the help of specific insights on the global offshore upstream industry.
- Assess your competitor’s planned offshore oil and gas production projects.
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Frequently asked questions
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Which are the key companies for major planned and announced projects?
The key companies for major planned and announced projects include Qatar Petroleum, Petroleo Brasileiro SA, Royal Dutch Shell Plc, TotalEnergies SE, National Iranian Oil Co, Exxon Mobil Corp, Equinor ASA, Eni SpA, BP Plc, Chevron Corp, Gazprom, Woodside Petroleum Ltd, Oil and Natural Gas Corp Ltd, Abu Dhabi National Oil Co, and China National Petroleum Corp.
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