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GlobalData announces investments of US$97 billion on top ten offshore oil projects to add over 1.6 million bpd by 2025

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Oilfield Technology,

Over US$151.5 billion in capital expenditure will be spent over the lifetime of the top ten offshore oil projects to produce 14.3 billion barrels of crude, according to GlobalData, a leading data and analytics company.

These ten projects, selected from 236 upcoming offshore projects globally, will contribute incremental capacity of 1 613 319 bopd to global supply by 2025. Johan Sverdrup in shallow water Norway is the largest with anticipated peak production at 600 512 bopd in 2024 at an estimated cost of US$25.4 billion.

GlobalData reports the average development breakeven oil price for top upcoming offshore crude projects at US$55/bbl, with projects in offshore United Arab Emirates having the lowest breakeven price at US$17/bbl and projects in offshore United States – the highest at US$72/bbl. The company notes that four of the top ten global offshore projects do not meet the return threshold of 10% for internal rate of return, necessitating reductions in capital expenditure, better than forecast reserves recoveries, or better price markets. Ultra-deepwater Carcara in Brazil has the highest net present value per barrel at US$4.

GlobalData estimates US$151.5 billion will be spent to bring the top ten offshore projects online, with US$97bn forecast by 2025. Libra Central in Brazil leads capital investment with US$29.3bn over its development lifetime, followed by Norway’s Johan Sverdrup and Brazil’s Libra Sudoeste with US$25.4bn and US$24.6bn respectively. Differentiating for water depth, GlobalData expects full-cycle capital expenditure per boe to average US$7.6 for shallow-water, US$12.2 for deepwater, and US$11.4 for ultra-deepwater.

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