A total capital expenditure (capex) of $3.6tn is expected to be spent globally across oil and gas value chain on planned and announced projects during 2018 to 2025, according todata and analytics company GlobalData.
In its latest report GlobalData said that, globally, the US, Russia, and Canada are the top countries in terms of new-build capex to be spent on planned and announced projects across the oil and gas value chain by 2025.
The US tops the list with capex of US$521.4bn expected to be spent on 484 oil and gas projects. Russia and Canada follow with US$317.3bn (on 192 projects) and US$309.8bn (on 119 projects), respectively.
In the upstream sector, Russia is expected to lead among countries with capex of US$77.5bn to be spent on 54 planned and announced fields globally. Brazil and the US follow, each with almost the same capex of US$70bn.
Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: “Booming unconventional oil and gas production is driving the new-build oil and gas capex across value chain in the US. The capex is especially high for some segments such as LNG liquefaction terminals and trunk pipelines.”
GlobalData’s report found that the US is expected to lead in the pipelines segment with capex of US$123.6bn to bring 165 planned and announced projects online by 2025. In the gas processing segment, Russia is to spend US$40.8bn on 13 new projects, expected to come online during the outlook period. On the LNG liquefaction front, the US again leads with estimated capex of US$216.4bn on 32 upcoming liquefaction terminals by 2025, while China leads in regasification capex, with US$18.1bn to be spent on 22 upcoming regasification terminals.
In the underground gas storage segment, Turkey leads with estimated capex of US$11.4bn to be spent on seven planned gas storage terminals by 2025, while for liquids storage terminals, the US leads with capex of US$9.3bn expected to be spent on 32 upcoming projects.
On the downstream side, India is expected to lead with estimated capex of US$89bn on the development of nine crude oil refineries globally by 2025. In the petrochemical sector, China is expected to lead with estimated capex of US$76bn to be spent on 215 upcoming petrochemical plants.
