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More delayed projects sanctioned in H1 2017 than in entirety of 2016

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LNG Industry,

The sanction of Eni’s Mozambican Coral South FLNG project moves yet another development off Rystad Energy’s delayed FIDs tracker. So far, more delayed projects have been sanctioned to date in 2017 than during the entirety of 2016.

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.


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