ADD TIME： 2021-06-22
CLICK COUNT： 414
The dual impact of the COVID-19 outbreak and the oil price war on the upstream sector has forced exploration and production companies (E&P) to constantly revise and reshape their portfolios in order to generate solid returns, resulting in major project delays and reduced activity in core areas.In addition to the fragility and unpredictability of the oil market, driving the energy transition and reducing carbon dioxide emissions have become key strategic components for these companies.So the relevance of fossil fuels has certainly never been higher, and the current turmoil has dealt an unprecedented blow to supply and demand.
The world's conventional oil and liquids projects, expected to come on stream in the remaining months of 2021, will eventually extract about 5 billion barrels of oil from 102 fields.In addition, the fields coming on stream in the first five months of this year are expected to have a cumulative resource capacity of 2.5 billion barrels.The impact on global supply from the 102 fields due to come on stream between June and December this year will be limited, as only 13 of them have more than 100m barrels of recoverable reserves.These resources account for most of the remaining resources that will come on stream in 2021 and approximately 65% of the cumulative resources planned for June to December this year.Fields coming on stream in 2021 are expected to contribute an average of about 113,000 b/d of liquids this year and peak at about 1.2 million b/d in 2023-2024.Still, these fields are estimated to account for about 0.6 per cent of the world's liquid supply by 2030, making their contribution negligible compared with the long-term global demand scenario assumed by RZ-Z Energy.
