Offshore O&G to invest $800b through 2025

Offshore O&G to invest $800b through 2025

The offshore oil and gas industry is planning to invest more than US$800 billion in more than 200 major upstream oil and gas projects to begin working by 2025.

The report provided by market researcher GlobalData said around 57% of the estimated capex could be spent between 2016 and 2025.

Brazil will provide the highest number of projects, ahead of the US and the UK. The country will also lead the global capex increase with an estimated US$116.2 billion.

Two offshore projects, Libra and Itapu, will receive $15.8 billion of the investment.

The North Pars and Sardar-e Jangal fields offshore Iran are two underdeveloped finds, with estimated 2P reserves of 8,333 million barrels of oil (mmboe) and 8,000 mmboe.

Petrobras (BVMF:PETR4) is leading in terms of both planned production and capital investments, with $90.9 billion between 2016 and 2025.

Petrobras unveiled one of the world’s most important oil fields last week on its continental shelf. Norway’s Statoil agreed to purchase a 66% stake in the Caraca field for $2.5 billion.

The Caraca field holds around 700-1,300 million barrels of oil.

Brazil’s pre-salt layer on its continental shelf has been an important focus for international oil companies, which are focusing on deepwater drilling as onshore and offshore fields start to diminish.