Most of these will be offshore projects, the author of the study, upstream
analyst Readul Islam said, Oil Price reported.
The number, which only covers conventional oil and gas deposits, could open
up production reserves to the tune of 46 billion barrels of oil and gas,
including around 14 billion barrels of oil equivalent in deepwater blocks, some
20 billion barrels in shallower waters, and the rest in onshore deposits, Islam
said.
“The only supply segment likely to shrink this year is the oil sands, whereas
deepwater, offshore shelf and other conventional onshore developments are all
poised to show substantial growth.
From a geographical perspective, all regions are headed for robust growth
except Europe and North America, still bearing in mind that shale plays are not
included in these numbers,” he added.
The forecast includes many projects whose final investment decision was
delayed because of the 2014 oil price crash, indicating that oil and gas
companies have now managed to bring their costs down enough to make these
large-scale projects commercially viable.
About a quarter of the projects expected to receive a final investment
decision this year are ones that have been delayed because of the 2014 slump in
oil prices.
Yet there is no certainty that all these projects will receive their final
go-ahead this year.
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