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Top three Saudi oil fields drive 59 per cent of country’s oil production in 2021: GlobalData

Industry

More than US$79.6bn in capital expenditure (CAPEX) is set to be spent by Saudi Arabia Oil Co on oil projects in the next four years to ensure that country’s production remains around 11.2 mmbd in 2021, according to GlobalData

The company will have 17 fields producing in 2021, of which 13 are conventional oil fields and four are gas fields producing condensate, according to the leading data and analytics company.

Saudi Arabia is expected to spend US$79.6bn as CAPEX on conventional oil projects during 2018 to 2021, with spending topping in 2021 at US$20.5bn. Average full cycle CAPEX per barrel of oil equivalent for Saudi Arabian oil projects is US$4.76.

Onshore projects have an average full cycle CAPEX of US$2.9 per barrel of oil equivalent, while shallow water projects average $6.9 per barrel of oil equivalent in full cycle CAPEX.

According to GlobalData, average development break-even price for oil projects in Saudi Arabia is about US$7.6 per barrel. Shallow water projects require an oil price of US$8.5 per barrel to break even, while the onshore projects have a development break-even price of US$6.8 per barrel.

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