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Large Crude Build Forces Oil Prices Lower

Oil prices slipped on Wednesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

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New Oilfield Capex To Surpass $800 Billion By 2025

Offshore rig

Capital expenditure on upcoming oil and gas fields worldwide will amount to US$811 billion on 615 projects planned between 2018 and 2025, data and analytics company GlobalData says.

In upcoming oil fields, over the next eight years, capex in conventional oil projects will be US$352 billion, spending on heavy oil will hit US$44 billion, investment in oil sands is expected at US$43.4 billion, and capex on unconventional oil projects would be US$30 billion.

In gas field investment, conventional projects will take US$363.2 billion, while spending on coal bed methane (CBM) and unconventional gas projects are expected at US$3.7 billion and US$1.6 billion, respectively, according to GlobalData.

The top three countries in terms of capex in upcoming oil and gas fields through 2025 will be Brazil, the United States, and Russia.

Brazil will lead the global spending with US$76.7 billion or over 9.5 percent of the total. The country has 49 announced and planned fields. The top fields in terms of capex are three ultra-deepwater conventional oil fields--Lula Central with US$13.3 billion; Lula Oeste with US$6.5 billion; and Buzios V (Franco) with US$5.6 billion.

The U.S. ranks second, with investment expected at US$75 billion or a 9.3-percent share of total global capex through 2025. Related: U.S. Petroleum Imports Could Fall To Zero In 2020

There are 37 planned and announced fields in the U.S., with three conventional oil developments the top three fields in terms of capex. These are ultra-deepwater Mad Dog Phase 2 with US$13.4 billion, shallow-water Smith Bay with US$11.1 billion, and onshore Horseshoe with US$6.5 billion.

Third in global capex comes Russia with US$72.6 billion or some 9 percent of the worldwide spending. Russia has 49 planned and announced fields, and unlike the two leaders, its top three fields for investment are gas projects—the Sakhalin 3 (Kirinskoye South (Yuzhno-Kirinskoye)) shallow water conventional gas field, Kovyktinskoye conventional gas onshore project, and Chayandinskoye conventional gas onshore project.

The top ten countries in terms of oil and gas spending also include—in descending order— Mozambique, Nigeria, Australia, Canada, Norway, Indonesia, and the UK. Projects in those countries together are expected to account for US$298 billion, or about 37 percent, of all spending until 2025.

By Tsvetana Paraskova for Oilprice.com

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