Global oil and gas production to grow by 3.7% by 2020, report says September 9, 2016 - 14:15 AMT PanARMENIAN.Net - Global upstream oil and gas production is expected to reach 57,660 million metric barrels of oil equivalent (Mmboe) by 2020, growing at an average rate of 3.7%, Offshore Technology cited a report by GlobalData as saying. Entitled “Monthly Global Upstream Review, June 2016 – Global Downturn on Capex Spending to Continue,” the report states that forecast production in 2020 decreased by 486Mmboe, compared with May 2016 figures. The average capex spending is estimated to decrease by 10.1% by 2020. A total of 324 projects are planned for development between 2016 and 2020. The top regions with the most number of planned projects include South America (65), Africa (51) and North America (46). The number of planned projects decreased by one compared with May 2016. "The average capex spending is estimated to decrease by 10.1% by 2020." New discoveries were added in June 2016, including two in Africa. New producing fields were also added in the month, including five in Asian countries including India, Indonesia and Malaysia. Five planned fields in India and four discoveries in Pakistan were also added. Other regions where new producing fields were added in June 2016 included Europe (four), North America (eight), Oceania (one), Former Soviet Union region (ten) and South America (one). Seven projects have been postponed in June with Europe having the highest number of postponements, at three, GlobalData said.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news Pasadena to host Armenian Genocide commemoration event  The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event.Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party.Former Pashinyan envoy urges end to Genocide speculation Marukyan has urged authorities in Armenia stop discussions about verifying the names of 1.5 million victims.Azerbaijan, Jordan sign deal on defense cooperation Azerbaijan and Jordan have signed an agreement on cooperation in the field of defense, according to an official statement. |
