South America’s offshore production is set to overtake volumes from North America by 2024, according to GlobalData. Various major projects off Brazil and Guyana passed final investment decisions last year and appear less likely to be postponed or suspended. However, certain key projects in US waters have been delayed, due in part to COVID-19, and there has been a steep decline in Mexico’s producing shallow-water projects. The impact on overall production will not be reversed by the 13 planned or announced projects. According to Effuah Alleyne, senior analyst at GlobalData, production off North America will likely fall by 15% during 2022-2024. The analyst expects total offshore production for the Americas to build steadily from 8.65 MMboe/d in 2020 to 9.15 MMboe/d by 2024, driven by Brazil’s presalt area and Guyana’s ultra-deepwater projects.
Courtesy Einar Aslaksen / Equinor ASA
Courtesy DNV
Courtesy CIMC Raffles
Courtesy Petrobras
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