The global upstream production is expected to increase at an average rate of 1% over the next four years to 59,210 mmboe by 2020. The global planned projects are expected to total 306 between 2016 and 2020 with top regions for development being Europe (72), South America (63), and Africa (57). The average capex spending is estimated to decrease over the next four years from about US$190,976 million in 2016 to US$94,125 million in 2020, correlating to downward trend in commodity pricing, reflected in reduced development costs such as rig leasing.
GlobalData’s latest report, “Monthly Global Upstream Review – Capital Expenditure Forecast Continues Decline” provides a key economic metrics for the global oil and gas industry by key regions and companies. It includes global oil and gas production forecast and liquids and natural gas production forecast by region for the period 2016 to 2020.
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