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Almost $194bn to be spent on upcoming Oil, Gas fields in Nigeria, others – Report

by Ayobami Adedinni
April 2, 2018
in Uncategorized
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… as nation accounts for 25 per cent of total Capex

Almost $194bn to be spent on upcoming Oil, Gas fields in Nigeria, others – Report

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… as nation accounts for 25 per cent of total Capex
Close to $194bn will be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Nigeria and other African countries, GlobalData, a leading research and consulting firm has said.
Capital expenditure (Capex) into conventional, unconventional, and heavy oil projects would form $88.9bn; $3billion and $1.9billion of the region’s capital spend respectively over the eight-year period.
Conventional gas projects will require $99.1bn, while the investments into unconventional gas and coal bed methane (CBM) projects would total $0.7bn in upstream capital expenditure by 2025.
According to the report, Nigeria accounts for $48.04bn or over 24.8 percent of total capex into upcoming projects in Africa over 2018 to 2025.
The country has 24 announced and planned fields. The ultra-deepwater Zabazaba-Etan with $11bn, deepwater Bonga North with $8.9bn and deepwater Bonga Southwest/Aparo with $3.9bn will require the highest capex over the 8-year period.
All three are conventional oil projects.
GlobalData expects 23.8 percent of capital expenditure in Africa to be spent in Mozambique over the next 8 years.
Africa has 7 planned and announced fields. Deepwater Golfinho-Atum Complex, ultra-deepwater Mamba Complex, and ultra-deepwater Coral South, all conventional gas projects, will have the highest capex requirements over the next 8 years, with expenditures estimated at $10.9bn, $10.2bn and $9.5bn, respectively.
Angola is expected to contribute about 11.3 percent to the total capex spending in Africa between 2018 and 2025.
The country has 8 planned and announced fields. Kaombo Complex, ultra-deepwater conventional oil field with capex of $5.1bn, Orca, conventional oil ultra-deepwater with a capex of $3.7bn, and Lucapa, conventional oil deepwater field with a capex of $3.2bn, will have the highest level of capital spending by 2025 among Mozambique’s upcoming projects.
Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria, and Kenya, together have a capex $56.6bn, or about 29.2 percent of the total capex spending on upcoming projects over the next eight years in Africa.
In Africa, 93 upcoming oil and gas projects will call for $413bn in capex to produce over 13,416 million barrels of crude and 184 trillion cubic feet of gas. Upcoming ultra-deepwater projects will have the highest lifetime capex at $233bn.
Deepwater projects will require $86bn over the lifetime, while onshore and shallow water projects carry a total capex of $64bn and $30bn, respectively.
 

Tags: Almost $194bn to be spent on upcoming OilGas fields in Nigeria
Ayobami Adedinni

Ayobami Adedinni

Ayobami founded The Energy Intelligence in 2017. He is an experienced energy journalist having previously worked for two national dailies. At The Energy Intelligence, Ayobami provides market intelligence to leaders in the African clean energy space. When he's not writing, he's busy daydreaming.

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