Global oil and gas production to grow by 3.7% by 2020, report saysSeptember 9, 2016 - 14:15 AMT PanARMENIAN.Net - Global upstream oil and gas production is expected to reach 57,660 million metric barrels of oil equivalent (Mmboe) by 2020, growing at an average rate of 3.7%, Offshore Technology cited a report by GlobalData as saying. Entitled “Monthly Global Upstream Review, June 2016 – Global Downturn on Capex Spending to Continue,” the report states that forecast production in 2020 decreased by 486Mmboe, compared with May 2016 figures. The average capex spending is estimated to decrease by 10.1% by 2020. A total of 324 projects are planned for development between 2016 and 2020. The top regions with the most number of planned projects include South America (65), Africa (51) and North America (46). The number of planned projects decreased by one compared with May 2016. "The average capex spending is estimated to decrease by 10.1% by 2020." New discoveries were added in June 2016, including two in Africa. New producing fields were also added in the month, including five in Asian countries including India, Indonesia and Malaysia. Five planned fields in India and four discoveries in Pakistan were also added. Other regions where new producing fields were added in June 2016 included Europe (four), North America (eight), Oceania (one), Former Soviet Union region (ten) and South America (one). Seven projects have been postponed in June with Europe having the highest number of postponements, at three, GlobalData said. Top stories Azerbaijani President Ilham Aliyev arrived in Moscow on April 22 to hold talks with Russian counterpart Vladimir Putin. Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". Partner news | Your home is in Armenia – Ameriabank offers mortgage loans for the Diaspora To buy real estate, Diasporans can apply to Ameriabank online to buy, renovate or build a home anywhere in Armenia. Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. |