Peak Oil? What Peak Oil? All Those Deferred Projects? Getting Off The Ground -- Bloomberg -- January 24, 2018

To the note from the other day, add this: fifty (50) south east Asian fields likely to be approved for development to 2020, Rigzone.

Fiftyy oil and gas fields in South East Asia will likely be approved for development during the three-year period from 2018 through 2020.

These fields, which are said to hold a collective 4 billion barrels of oil equivalent resources, will require $28 billion of capital expenditure (CAPEX) from final investment decision (FID) to first production.

Gas makes up 85 percent of the resources reaching FID over the full period, Rystad highlights, with the largest gas ‘kick’ in 2018 coming from Vietnam.

Re-posting from yesterday:

I can't count the number of times I've read stories and heard from folks that all the big global energy projects that have been deferred over the years will result in a huge crude oil shortfall. Maybe. Maybe not.

But now Bloomberg is reporting that all those deferred projects are finally getting off the ground.

The global oil industry’s backlog of big drilling projects is starting to shrink as prices improve.

From production vessels tapping Brazil’s deep-water reserves to pipes connecting rigs to underwater wells in China, the number of ventures delayed since the oil crash that finally got approval to get off the ground totaled 18 last year, according to a report by consultant Rystad Energy. That compares with only five in 2016 and two in 2015.

That’s a start, but there are still 104 delayed oil and gas projects waiting for investment approval, according to Rystad.

Much, much more at the link.

To re-cap, big global projects the past few years:

• 2015: two
• 2016: five
• 2017: 18
• pending: 104 

By the way:

• keep this data point in mind
• the most recent Bloomberg stance is a lot different than it was just on December 28, 2017, less than one month ago