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Top 10 onshore oil projects to add over 1.1 million bpd by 2025, says GlobalData

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Oilfield Technology,

Over US$83.1 billion in capital expenditure will be spent over the lifetime of the top 10 onshore oil projects to produce 9.7 billion bbls of crude oil, according to GlobalData, a leading data and analytics company.

These 10 projects, selected from 126 upcoming onshore projects globally, will contribute incremental capacity of 1 135 034 bpd to global supply by 2025. Kuyumbinskoye in Russia is the largest with anticipated peak production at 215 485 bpd in 2029 at an estimated cost of US$12.8 billion.

The average development breakeven oil price for top upcoming onshore crude projects stands at $55 per barrel, with projects in Russia having the highest breakeven price at US$57/bbl and Canada the lowest at US$52/bbl.

Conventional oil developments need US$42/bbl to break even. Oil sands have an average break-even of US$52/bbl, while heavy oil projects have the highest break-even at US$92/bbl.

GlobalData estimates US$83.1 billion will be spent to bring the top ten onshore projects online, with US$46.7 billion forecast by 2025. Conventional oil Kuyumbinskoye development in Russia leads capital investment with US$12.8 billion over its development lifetime, followed by Canada’s Telephone Lake (Cenovus Energy Inc.) oil sands project with US$10 billion.

Differentiating for project type, GlobalData expects full-cycle capital expenditure per barrel of oil equivalent to average US$7.5 for conventional oil projects, US$9.2 for oil sands, and US$9.8 for heavy oil developments.

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