Among countries globally, Brazil is expected to contribute 1.9 million barrels per day (mbd) of the global offshore crude oil production between 2018 to 2025, followed by Norway with 1.1 mbd and Nigeria with 0.9 mbd, according to data and analytics company GlobalData.
Globally 387 planned and announced crude and natural gas projects are expected to start operations during the outlook period. Of these, 154 represent the number of planned projects with identified development plans and 233 represent the number of early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.
The company’s report: “Q4 2018 Production and Capital Expenditure Outlook for Key Planned and Announced Upstream Projects in Global Offshore Industry – Petrobras Leads in Global Offshore Crude Oil Production” reveals that key offshore projects are expected to contribute about 8.6 mbd of crude production and around 51.6 billion cubic feet per day (bcfd) of gas production in 2025.
Among countries globally, Brazil alone is expected to contribute roughly 22% of the global offshore crude oil production, or 1.9 mbd in 2025. The country also leads in terms of new-build Capex with USD 70.5 billion expected to be spent between 2018 and 2025.
Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments, “Many upcoming subsalt projects are expected to start operations in Brazil, primarily in the Santos and Campos basins, by 2025. These projects will considerably boost the country’s offshore crude oil production.”
GlobalData identifies Norway as the second highest country globally with 1.1 mbd of crude production in 2025 or 13% of the global offshore crude and condensate production. The country is expected to spend around USD 38.5 billion on the upcoming projects during the 2018-2025 period.
Nigeria is the third highest country globally with 11% of global crude production or 0.9 mbd in 2025. In terms of capex spending, the country is the second highest with USD 62.7 billion to be spent during the outlook period.
Among the companies, Petroleo Brasileiro SA, Equinor ASA, and China National Offshore Oil Corp globally lead with highest offshore crude and condensate production of 1.2 mbd, 0.6 mbd and 0.4 mbd in 2025, respectively.