Global spending on upstream oil and gas projects will reach $846 billion in 2019-25

According to GlobalData, a leading data and analytics company, the world's total new build capital expenditure (CapEx) on upstream oil and gas projects between 2019 and 2025 is $846 billion
.

Royal Dutch Shell leads all oil and gas companies and is expected to invest $54.
6 billion for upcoming upstream projects during the forecast period.

It is followed by Gazprom and ExxonMobil, which are expected to reach $49.
8 billion and $43 billion, respectively
.

Soorya Tejomoortula, oil and gas analyst at GlobalData, said: "Shell has launched a greenfield capital expenditure program to develop 60 upcoming upstream projects
.
This will further help the company scale up and increase production and cash flow
.
”

GlobalData ranks Canada, Russia and the United States as the best countries
for greenfield capital expenditures for planned and announced upstream projects during the outlook period.

From 2019 to 2025, Canada topped the list, with capital expenditures of approximately $107.
7 billion
.
Together, Russia and the United States will spend about $143.
8 billion on upstream projects
.

Among the upstream projects planned and announced globally, Mozambique's Golfinho-Atum Complex had the highest capital expenditure between 2019 and 2025 at $16.
8 billion.

The Voyageur South (Suncor Energy Inc) project in Canada and the Mamba Complex project in Mozambique are expected to have capital expenditures estimated at $15.
8 billion and $14.
8 billion, respectively, over the outlook period.