GlobalData’s latest report, ‘Global Oil & Gas FIDs in 2021’, indicates that natural gas projects continue to dominate global final investment decisions (FIDs) planned across the oil and gas value chain in 2021, as countries and companies are increasingly acting to reduce carbon emissions and planning to become carbon neutral.

Some of these projects initially targeted FIDs in 2020 but were postponed to 2021 and beyond following the Covid-19 pandemic and subsequent capital expenditure (CapEx) cuts by companies.

In the upstream sector, Africa has the highest volume of remaining reserves from greenfield projects targeting FID in 2021 due to the development of the Mamba Complex natural gas project in Mozambique and crude oil projects such as Tilenga in Uganda and Cameia in Angola. Mamba Complex is a mega natural gas production project with remaining reserves of 3.4 billion barrels of oil equivalent (boe), while Tilenga and Cameia have 865 million barrels of oil equivalent (MMboe) and 442MMboe respectively.

Count and Remaining Reserves of Greenfield Upstream Production Projects Planned for FIDs in 2021 by Region

In the midstream sector, the focus is again on natural gas projects with liquified natural gas (LNG) and gas pipelines dominating the projects list targeting FID in 2021. Many of these capital-intensive projects awaiting FIDs are in the US, where several liquefaction projects are being planned to export natural gas to demand centres.

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In the refinery segment, major new-build refinery projects expected to receive the international fund for agricultural development (FIDs) in 2021 are Tuban II in Indonesia and Forcados and Ohaji in Nigeria. In the petrochemicals sector, major petrochemical projects expected to receive FIDs are in Russia, Nigeria and the US. These projects are being planned to utilise ample natural gas available in these countries as feedstock.