Brazil will see the maximum number of planned offshore oil and gas production projects by 2025, with nearly 39 projects expected to commence operations by then, according to a report from GlobalData.
The UK and Norway are expected to follow Brazil, closely with 29 and 18 projects respectively, as per the report titled, "Q1 2016 Production and Capital Expenditure Outlook for Key Planned Upstream Projects in Global Offshore Industry."
Overall, 239 offshore crude and natural gas projects across 46 countries are projected to begin production in the next ten years.
The key planned projects will add 6.7 million barrels of oil per day (mmbd) to global crude production and 36.6 billion cubic feet per day (bcfd) to global gas production in 2025.
The report forecasts Brazil’s NOC, Petroleo Brasileiro to emerge as the top company in the world by 2025, in terms of planned offshore oil and gas production. The company’s key planned assets are expected to increase its offshore production by 1.8 million barrels of oil equivalent per day (mmboed) in that year.
Besides, Petroleo Brasileiro is projected to lead companies across the globe, when measured in terms of planned offshore projects under operation. It is expected to begin production at 34 projects by 2025, with 33 of them producing crude oil.
Petroleos Mexicanos and Chevron will be in the subsequent position, with each having nine planned projects operating.
About $502.6bn is estimated to be invested on key offshore planned projects in the next ten years, with Brazil accounting for a quarter of the spending at $126.4bn. Globally, Petroleo Brasileiro is expected to make the highest capital expenditure during the period.
According to the report, some of the major undeveloped discoveries in the world include East Natuna in Sarawak-East Natuna Basin, Pobeda in the West Siberian Basin and Arash in the Persian Gulf Basin.