Rystad Energy is tracking FID delays since the second half of 2014 to post-appraisal pre-sanctioned upstream projects. Rystad Energy find 17 of these delayed projects have since been launched, accounting for an estimated 78 BUSD of development spending. Tengizchevroil’s 2016 Tengiz FGP/WPMP expansion in Kazakhstan accounts for about 40% of this spend.
On 29 May, Husky Energy announced the sanction of its deepwater White Rose West project off Newfoundland. This was 2017’s second double-drop week, after week 8 saw BP’s Mad Dog 2 (deepwater Gulf of Mexico) and Noble Energy’s Leviathan phase 1 (deepwater Israel) projects exit the FID delay tracker. In addition, projects in China, Iraq, & Vietnam, as well as an oil sands scheme, finally reached FID during 2017.
