More than $36.9 billion (£25.7bn) will be spent on the world’s 10 largest offshore heavy oil projects due before 2025.
That’s according to new research from analytics firm GlobalData, which says these projects are expected to produce 2.6 billion barrels of oil and contribute 400,500 barrels of oil per day (mbd) to global oil supply by 2025.
Ayin-Batsil, an announced shallow water field in Mexico, is the largest with anticipated peak production at 62.9mbd in 2030 at an estimated cost of $5.9 billion (£4.1bn).
GlobalData expects the average development break-even oil price for the upcoming offshore heavy oil projects at $53.2 (£37.1) per barrel (bbl); while projects in offshore Brazil have both the lowest and the highest costs with $37 (£25.8) and $83 (£57.9) per bbl respectively.
It expects full-cycle capex per barrel of oil equivalent to average $12.8 (£8.9) for shallow water, $16.5 (£11.5) for ultra-deep water and $32.3 (£22.5) for deep water.