Despite Challenges, Brazil Continues to Lead the World for Offshore Oil and Gas Upstream Projects

Wednesday 17 August 2016, Amsterdam

Brazil is set to lead the global offshore oil and gas industry in terms of planned projects, with a staggering total of 40 developments scheduled to start operations by 2025, out of an anticipated total of 236 worldwide.

The company’s latest report* states that the UK and the US follow Brazil, with 29 and 21 planned projects respectively. Key offshore planned projects around the world are expected to contribute an incremental 6.8 million barrels of oil per day in 2025, and 36.3 billion cubic feet per day of natural gas.

Matthew Jurecky, Oil & Gas Research and Consulting, explains: “The offshore commercial reserves in Brazil are second only to Russia, Iran, and Mozambique. GlobalData’s analysis shows there are an estimated 13.3 billion barrels of commercially recoverable reserves from announced projects in offshore Brazil. To put this in perspective, planned offshore projects in Norway, United States, United Kingdom and Nigeria total 12.9 billion barrels of commercially recoverable reserves altogether.”

While National Iranian Oil Company is expected to lead in terms of production volumes, Petroleo Brasileiro S.A (Petrobras) will lead globally in terms project count, with 35 planned, of which 34 are crude and one is natural gas. Petroleos Mexicanos and Chevron Corporation occupy second and third places with nine and eight projects planned, respectively.

This report also states that in terms of proposed capital expenditure, US$871.7 billion is estimated to be spent bringing planned offshore projects online globally, of which US$500.5 billion is expected to be spent between 2016 and 2025. Brazil will also lead in this regard, with capital investment of US$116.2 billion over the forecast period. Petrobras will have the highest share of spending among companies in the global offshore oil and gas industry, and is expected to spend US$90.9 billion on key planned projects over the next 10 years.

*Q2 2016 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in the Global Offshore Industry - Brazil Leads Globally with Staggering Pipeline of Planned Projects

This report provides information on oil and gas production outlook by key countries and companies in the global offshore industry over the forecast period from 2016 through to 2025.