Insight
Q2 2019 pre-FID upstream project tracker: a cautious start to the year
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Report summary
Project sanctions are off to a slow start in 2019. By May, 12 projects had made FID, versus the 52 for full-year 2018. And not only is the count lower, but the average project size has more than halved. Average field reserves sit at around 310 million boe for 2019, compared to 660 million boe in 2018. So far, shallow-water brownfield expansions and subsea tie-backs are most popular. But a lot could change in the second half of the year as a queue of big LNG and deepwater developments edge closer to FID.
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