A total capital expenditure of $3.3 trillion is expected to be spent globally across oil and gas value chain on planned and announced projects between 2018 and 2025.
Of the total capex, $545 billion is expected to be spent alone in 2018, says GlobalData in its quarterly global oil and gas capital expenditure outlook.
The report sayss that around 45% or $1502 billion could be spent on midstream projects, and 22% or $729 billion on upcoming crude oil refineries.
"Close to 24%, or $801 billion is expected to be spent on the major planned and announced production fields. The petrochemicals sector is expected to account for 9% of the global total or $301 billion.
"In oil and gas value chain, production fields, crude oil refineries, and trunk or transmission pipelines are expected to lead capital spending with $801 billion, $729 billion and $631 billion, respectively by 2025."