Over US$142 billion will be spent on 97 upcoming oil and gas fields between 2018 and 2025. Capital expenditure (Capex) into North America’s conventional oil and gas projects will add up to US$91 billion and US$2.9 billion, respectively over the eight-year period, with US$82.6 billion of Capex contributing from the offshore fields, according to GlobalData, a leading data and analytics company.
Oil sands projects will require US$43 billion, while the investments into heavy oil assets will require almost US$4 billion in upstream Capex by 2025.
The US accounts for US$76 billion or over 76% of US$142 billion of Capex for the period of 2018 to 2025. The country has 39 announced and planned fields, 9 are onshore fields in Alaska and the remaining 29 are in offshore United States. Among these, top fields in terms of Capex for the period are Mad Dog Phase 2 with US$13.4 billion, Smith Bay with US$11.1 billion and Horseshoe with US$6.5 billion.
Canada follows with US$46 billion or approximately 32% share in North America’s planned and announced capex over 2018 and 2025. Canada has 19 planned and announced fields. Three Onshore fields Telephone Lake (Cenovus Energy Inc.), Kearl Oil Sands Project Phase 3 (Imperial Oil Limited) and Kearl Oil Sands Project Phase 4 Debottleneck (Imperial Oil Limited) are the top three fields with Capex for the eight-year period of US$6.3 billion, US$5.9 billion and US$3.3 billion, respectively. All three are oil sands developments.
Mexico is expected to contribute US$20.9 billion or approximately 15% to the total Capex spending between 2018 and 2025 and has 40 planned and announced fields. The top three fields are Exploratus, Nobilis-Maximino ultra-deepwater conventional oil fields and Trion conventional oil deepwater field with Capex of US$1.3 billion, US$3.2 billion and US$5.3 billion, respectively.
GlobalData expects that over their lifetime, the 97 upcoming oil and gas projects will require US$234 billion in Capex to produce over 19 636 million bbls of crude and 9530 billion ft3 of gas. Upcoming onshore projects in North America will have the highest total Capex at US$97.1 billion. Ultra-deepwater projects will require US$61.7 billion over the lifetime, while deepwater and shallow water projects carry a total Capex of $38.3bn and US$36.4 billion, respectively.
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