Brazil is surging ahead as the world’s busiest oil-producing nation, with a staggering array of projects in the pipeline. GlobalData charts the progress of the South American country.
In the global offshore oil and gas industry, 46 countries are expected to start operations of around 236 key crude and natural gas projects by 2025. Brazil leads globally, with 40 planned projects, followed by the UK (29) and the US (21). Key offshore planned projects around the world are expected to contribute 6,844 thousand barrels of oil per day (mbd) to global crude production in 2025, and 36.3 billion cubic feet a day (bcfd) to global gas production. Brazil will have the highest offshore planned oil and gas production in the world by 2025. In terms of companies, National Iranian Oil Company is expected to lead global offshore planned oil and gas production. Petroleo Brasileiro will lead globally in terms of operatorship with 35 planned projects, of which 34 are crude and one is natural gas. Petroleos Mexicanos and Chevron Corporation occupy second and third places with nine and eight planned projects, respectively.
All roads lead to Rio
A proposed capital expenditure (capex) of $871.7 billion is estimated to be spent on bringing key planned projects online, of which, $500.5 billion is expected to be spent between 2016 and 2025. Brazil is expected to lead the global offshore oil and gas industry with a capex spending of $116.2 billion during 2016–2025. Of that, a sum of $15.8 billion will be spent on the Libra and Itapu (Florim) projects. Petroleo Brasileiro will have the highest capex spending among companies in the global offshore oil and gas industry. It is expected to spend $90.9 billion on key planned projects over the next decade.
Two of the major underdeveloped discoveries in the global offshore oil and gas industry are located in Iran. The North Pars and Sardar-e Janga discoveries have respective estimated 2P reserves of 8,333 million barrels of oil equivalent (mmboe) and 8,000 mmboe, respectively. North Pars is a conventional gas field, while Sardar-e Janga is a conventional oil field.