New data by advisory firm Wood Mackenzie (Woodmac) has shown that the number of upstream oil projects reaching final investment decision (FID) in 2017 could double to 25, compared with only 12 last year.
In its latest report ‘A big year for FIDs: 2017 marks a turning point’, Woodmac points out that during the first six months of 2017, the industry has already witnessed 15 project sanctions, which equates to about eight-billion barrels of oil equivalent of reserves, mostly in brownfield projects.
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