Globally around US$846 billion of new-build capital expenditure (Capex) is expected to be spent on planned and announced upstream projects from 2019 to 2025, according to a recent report by GlobalData.

Among regions, North America, Africa, and Asia lead in terms of new-build Capex spending on planned and announced upstream projects, with US$201.9 billion, US$187.5 billion and US$116.2 billion respectively, during the period, the data and analytics company found.

Capex big spenders

Canada, Russia, and the US are the top countries in terms of new-build Capex to be spent on planned and announced upstream projects by 2025. Canada tops the list with Capex of around US$107.7 billion expected to be spent on 28 planned and announced upstream projects, during the outlook period.

Royal Dutch Shell

In terms of new-build Capex on upstream projects, Royal Dutch Shell Plc leads globally among all the oil and gas companies. The company is expected to spend US$54.6 billion globally on 60 upcoming upstream projects. Gazprom and Exxon Mobil Corp follow with new-build Capex of US$49.8 billion and US$43 billion, respectively.

Total Capex spending on planned and announced upstream projects by key companies during 2019–2025 (US$ million)

Source: Upstream Analytics, GlobalData Oil and Gas

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Among the planned and announced upstream projects, Golfinho-Atum Complex in Mozambique has the highest Capex spending of US$16.8 billion over the period.

Voyageur South (Suncor Energy Inc.) project in Canada and Mamba Complex project in Mozambique follow with an estimated Capex spending of US$15.8 billion and US$14.8 billion, respectively, during the period.