Insight

Pre-FID project deferrals: impact on global oil supply

Loading current market price

Get this report

Loading current market price

Get this report as part of a subscription

Enquire about Subscriptions

Already have subscription? Sign In

Further information

Pay by Invoice or Credit Card FAQs

Contact us

For further information about this report submit the form below.

Report summary

Planned future oil projects that have not yet received a final investment decision (FID) are a crucial element of future global oil supply. Many have been deferred over the past year as the economics no longer stack up under low oil prices. Wood Mackenzie has conducted extensive analysis of these projects to determine the volumes deferred as a result of the oil price fall. On a like-for-like basis over two million b/d of oil supply has already been deferred by early 2020 as companies delay the sanctioning of projects. This report covers: What has happened to pre-FID projects since 2014? What does project deferral do to the pre-FID outlook? Which countries and resource themes have been the most heavily affected? Ongoing deferral of these projects will continue to be a tangible consequence of lower prices and plays a key role in shaping future oil supply.

What's included

This report contains

  • Document

    Pre-FID project deferrals: impact on global oil supply

    PDF 506.36 KB

Table of contents

  • Executive Summary
  • Pre-FID projects: where are we now?
  • Over two million b/d deferred by 2021 on a like-for-like basis
  • Brazil leads the way in like-for-like deferred volumes
  • Global pre-FID projects delayed by over a year
  • Deepwater and ultra-deepwater hit hardest – due to higher costs
  • Further deferrals anticipated as price recovery takes time

Tables and charts

This report includes 6 images and tables including:

Images

  • Migration of pre-FID reserves (billions) from 2014
  • Total pre-FID production Q3 2014 vs Q3 2015
  • Like-for-like pre-FID production profiles
  • Like-for-like pre-FID production changes by country
  • Average like-for-like pre-FID project start times from Q3 2014 to Q3 2015
  • Like-for-like pre-FID production changes by resource theme

Questions about this report?

  • Europe:
    +44 131 243 4699
  • Americas:
    +1 713 470 1900
  • Asia Pacific:
    +61 2 8224 8898