Capex spending on planned oil and gas projects is expected to fall further due to low crude prices, with estimated decreases from $299.2bn in 2016 to $167.61bn by 2020, according to a GlobalData report. 

Entitled ‘Monthly Global Upstream Review, July 2016 – Middle East to Drive Global Production Growth’, the monthly review report forecasts the number of planned projects globally to decrease by 19 from June 2016 estimates. Projects were postponed globally, with eight delayed in Africa, three in Middle East and one in Asia, bringing the figure to 12 in July this year.

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The total number of planned projects will be 305 by 2020 with South America leading at 57, followed by North America (46) and Africa (44).

"A marginal increase of 0.7% is estimated in global production to reach 55,250 million barrels of oil equivalent by 2020."

A marginal increase of 0.7% is estimated in global production to reach 55,250 million barrels of oil equivalent (Mboe) by 2020, which is lower than the June 2016 figures by 2,410Mboe.

New discoveries were added in July 2016 in Asia, North America, Europe and Australia. The Asian region added Khamiso 1 and Makori East 5 in Pakistan, while Fort Sumter in the US, 30/11-14 and 30/11-14 B in Norway and Outtrim East 1 in Australia were added.

Producing fields were added globally across North America (36), South America (12), Former Soviet Union (7), Asia (6), Europe (2), Africa (1) and the Middle East (1). In North America, 34 producing fields were added in the US along with another one also planned, while one producing field was added in Canada.

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The South American region added seven producing fields in Ecuador, three in Brazil and two in Bolivia. In Asia, Thailand added four producing fields followed by Malaysia with two. Russia in the Former Soviet Union region added the most producing fields at six, while Tajikistan added one.

The two producing fields in Europe were added by Spain and Poland, while Egypt and Syria in Africa and Middle East also each added one producing field.