The UK is set to be the second on offshore oil and gas projects by 2025.
That’s according to a report by GlobalData which stated a total of 29 new developments are expected to start operating by the same period.
It will follow Brazil which is set to be the leader in offshore oil and gas projects with 40 new projects online.
Brazilian firm Petroleo Brasileiro (Petrobras) will lead globally in terms of project count, with 35 planned, of which 34 are crude and one is natural gas.
The US is in third place with 21 planned projects.
Key offshore planned projects around the world are expected to contribute an increment of 6.8 million barrels of oil per day in 2025 and 36.3 billion cubic feet per day of natural gas, the report added.
Matthew Jurecky, GlobalData’s Head of Oil & Gas Research said: “The offshore commercial reserves in Brazil are second only to Russia, Iran and Mozambique. GlobalData’s analysis shows there are an estimated 13.3 billion barrels of commercially recoverable reserves from announced projects in offshore Brazil.
“To put this in perspective, planned offshore projects in Norway, United States, United Kingdom and Nigeria total 12.9 billion barrels of commercially recoverable reserves altogether.”