Globally, upstream oil and gas production is expected to decline by around 3% over the 2017 to 2021 period. The number of project postponements is increasing due to reduction in capital spending on the planned oil and gas projects. The average capex is expected to decrease by around 28% over the next four years. The number of project developments during the 2017 to 2021 period is expected to be the highest in South America among all the regions, followed by Africa and Europe.
Key Highlights included in this report -
- Globally, total production is expected to decrease to 56,704 Million barrels of oil equivalent (mmboe) by 2021, declining at a rate of -3.4%. The total forecast production in 2021 has increased by 1,313 mmboe when compared with the December 2016 report.
- In total, 344 planned projects are expected to start production by 2021. Among regions, South America (69), Africa (63), and Europe (54) lead with the highest number of planned projects. The number of planned projects has increased by 37 when compared with the December 2016 report.
- Average capital expenditure (CAPEX) is estimated to decrease over the next four years from US$411,485 Million in 2017 to US$294,033 Million in 2021. CAPEX has decreased by 9% from the December 2016 report.
The report “Monthly Global Upstream Review, January 2017 - Marginal Downturn in Global Oil and Gas Production Forecast” provides global oil and gas production outlook by region for the period 2017 to 2021, key economic metrics for the global upstream industry by major regions and companies and identify opportunities and challenges in the global upstream industry.
- Global oil and gas production outlook by region for the period 2017 to 2021
- Key economic metrics for the global upstream industry by major regions and companies
- Global liquids and natural gas production outlook by region for the period 2017 to 2021
- Global capex spending outlook on planned projects by key regions and companies
Reasons To Buy
- Identify opportunities and challenges in the global upstream industry
- Facilitate decision making on the basis of strong outlook of planned oil and gas production
- Develop business strategies with the help of specific insights on the global production and capex outlook
- Assess your competitor’s capex and key economic metrics