Insight
Pre-FID project deferrals: impact on global oil supply
This report is currently unavailable
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.
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:
- 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
What's included
This report contains:
Other reports you may be interested in
Country Report
Global oil supply short-term update - April 2024
OPEC+ cuts take effect in first half with high levels of compliance noted from participating members
$1,650
Insight
Global oil cost curves and pre-FID breakevens H2 2023
Key Middle Eastern OPEC countries dominate low-cost supply both now and in the future
$6,000
Country Report
Global oil supply short-term update - March 2024
OPEC+ extends and deepens production cuts through Q2 2024
$1,650
