Oil and gas analysts at GlobalData said the number of planned projects has decreased by 12 when compared with February.

Globally, Asia leads with the highest number of planned projects with 103, followed by Europe and Africa with 76 and 74, respectively.

The capital expenditure, CapEx, an outlook for 2022 has decreased by 0.12 percent when compared with February’s analysis, the group said in its report.

Total CapEx is expected to decrease from $393.115 billion in 2018 to $341. 315 million in 2022, it added.

Also, analysis of the global upstream in March 2018 revealed that oil and gas production is expected to increase by 2.3 percent between 2018 and 2022. Globally, total production outlook is expected to increase to 60,997 million barrels of oil equivalent, mmboe, by 2022.

The total production outlook in 2022 has decreased by 517 mmboe when compared with February’s analysis, GlobalData further stated.

In a further analysis of the global upstream, the group stated that in Africa, a conventional oil ultra-deepwater discovery, Boudji-1, was made in Gabon in March and that the region has no planned and announced field additions.

South America witnessed a conventional oil onshore discovery called Tortuga Sur-A001 in Ecuador in March, and the region also witnessed an announced field addition, Estancia Vieja Phase 2, in Argentina.

Effuah Alleyne, oil and gas analyst at GlobalData, commented: “The Middle East has a conventional gas onshore discovery called Mabrouk North East in Oman. In Europe, two conventional oil and gas discoveries were made in March 2018. Of these, 9/18a-40 is a shallow water conventional oil discovery in the UK, while 6604/5-1 is a deepwater conventional gas discovery in Norway.

“North America witnessed an announced field addition called Main Pass 286 Phase 2 in the US. Asia witnessed an onshore conventional oil discovery called Adhi South X-1 in Pakistan.”

The production start year of 10 planned and announced projects was postponed in March when compared with February. Of these, four are in Africa, two in Oceania, and one each in Asia, Europe, Middle East, and North America.

There were no abandoned fields, and no planned and announced fields were transformed into producing fields throughout March, GlobalData also stated in its report.

SOURCE:SWEETCRUDE