Findings from a research conducted by data and analytics firm, Globaldata, has revealed that globally about $811 billion will be spent on 615 upcoming oil and gas fields in the next eight years.
According to the research the money will specifically be expended on capital items, especially conventional oil, heavy oil, oil sands, and unconventional oil projects.
The data showed that Nigeria, Mozambique, Australia, Canada, Norway, Indonesia, and UK, together have a total of $298 billion, averaging about 37 percent of the total spending on the projects globally.
Collectively, the oil and gas industry across the world would spend $352 billion on conventional oil, heavy oil is expected to stand at $44 billion, while oil sands takes about $43.4 billion, and unconventional oil takes $30 billion over the eight-year period, the data showed.
A further analysis revealed that conventional gas projects would cost about $363.2 billion, while the investments into coal bed methane and unconventional gas projects would cost a total of $3.7 billion and upstream expenditure was expected at $1.6 billion.
Brazil alone accounts for $76.7 billion, an average of 9.5 percent of total spending, while the projects include 49 announced and planned fields, according to the data.
The U.S. has about $75 billion of the expenditure, averaging about 9.3 percent share in the global planned and announced projects over the forecast period, with 37 planned and announced fields, including ultra-deepwater Mad Dog Phase 2, shallow-water Smith Bay and onshore Horseshoe.
Also Russia is expected to contribute $72.6 billion or around nine percent to the total capital expenditure.