FSU to add 145,000 bpd to global oil supply by 2021, says GlobalData
LONDON -- Analysis of crude oil production in Former Soviet Union (FSU) shows that about $123 billion in capital expenditure (capex) would be spent by FSU on oil projects over the next four years, to ensure that production grows to around 14.2 MMbpd in 2021, according to GlobalData, a leading data and analytics company.
The region will have 1,883 fields producing liquid hydrocarbons by 2021, of which 1,639 and 65 are conventional and heavy oil fields, while 179 are gas fields producing condensate.
FSU is expected to spend $114.3 billion as capex on conventional oil and $8.7 billion on heavy oil projects during 2018 to 2021, with spending topping in 2018 at $31.9 billion. Average full cycle capex per boe for FSU’s oil projects is $6.8. Onshore projects have an average full cycle capex of $6.1/boe, while shallow water projects have an average of $12.5/boe in full-cycle capex.
Average development break-even price for oil projects in FSU is about $30.93/bbl. Shallow water projects require an oil price of $50/bbl to break even, while the onshore projects have a development break-even price of $26.4/bbl.
