Average breakeven oil price for the upcoming onshore fields is $55 per barrel.
Average breakeven oil price for the upcoming onshore fields is $55 per barrel.

10 Onshore Oil Projects to Increase Global Output by 1.1 mbpd

10 Onshore Oil Projects to Increase Global Output by 1.1 mbpd

The 10 largest upcoming onshore oil projects worldwide are expected to add 1.135 million bpd to the global oil supply by 2025, according to research and analytics firm GlobalData.
These projects—out of a total of 126 worldwide—are expected to cost $83.1 billion to start production, Oilfield Technology reports, quoting figures by GlobalData, Oil Price reported.
Of this spending, $46.7 billion are expected to be made by 2025.
The 10 projects are expected to produce a total of 9.7 billion barrels of crude oil over their lifetime, according to GlobalData.
In terms of single project development investment, the Kuyumbinskoye conventional oil development in Russia is the leader, with $12.8 billion expected to be spent over the field’s lifetime.
The project is expected to have peak production at 215,485 bpd in 2029. The Kuyumbinskoye project is followed by Cenovus Energy’s Telephone Lake oil sands project with an investment of $10 billion throughout its lifespan, as carried by Oilfield Technology.
The average breakeven oil price for the upcoming top onshore fields is $55 per barrel, with Canada at the lowest breakeven of $52 a barrel and Russia at the highest at $57 per barrel.
Full-cycle capex per barrel of oil equivalent is expected to average $7.5 for conventional oil projects, $9.2 for oil sands developments, and $9.8 for heavy oil projects.
Confidence in the oil and gas industry has started to return with higher oil prices and a majority of respondents in a DNV GL survey have recently said that they plan to increase capital expenditure this year.
The Norway-based energy industry advisory firm noted that while last year confidence in the growth prospects for oil and gas firms stood at 32% of respondents, now it has gone up to 63%.


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