Over US$57 billion will be spent on Oceania’s upcoming upstream projects by 2025
Published by Joseph Green,
Editor
LNG Industry,
An average capex of US$7.1 billion per year is forecast to be spent on 31 upcoming oil and gas fields in Oceania between 2018 and 2025, according to GlobalData, a leading data and analytics company.
Capital expenditure (capex) into Oceania’s conventional gas and coal bed methane (CBM) projects would add up to US$48.6 billion and US$4.6 billion respectively over the eight-year period. Conventional oil projects will require US$3.0 billion, while the investments into heavy oil projects would total US$0.8 billion in upstream capex by 2025.
GlobalData expects the 31 upcoming oil and gas projects in Oceania will require US$140 billion in capex to produce over 1160 million barrels of crude and 64,759 billion ft3 of gas over their lifetime. Upcoming shallow water projects in Oceania will have the highest total capex at US$63.7 billion, while deepwater and onshore projects carry a total capex of US$56.6 billion and US$19.6 billion, respectively.
Australia accounts for over 83% of the US$57 billion of capital expenditure in Oceania for the period of 2018 to 2025. The country has 23 announced and planned fields. Among these, top fields in terms of capex for the period are Browse LNG with US$15.2 billion, Scarborough with US$7.1 billion and Prelude with US$3.8 billion.
Papua New Guinea has 14 percent share in Oceania’s planned and announced capex over 2018 and 2025. The country has six planned and announced fields. Elk-Antelope, P'nyang and Elevala are the top fields with capex for the eight-year period of US$3.9 billion, US$2.2 billion and US$0.7 billion, respectively. All three are conventional gas projects located in onshore.
Timor Sea Joint Petroleum Development Area is expected to contribute about 2 percent to the total capex spending in Oceania between 2018 and 2025. Greater Sunrise is the only conventional gas deepwater field, with a capex of US$1.4 billion for the eight year period.
Read the article online at: https://www.lngindustry.com/liquefaction/15032018/over-us57-billion-will-be-spent-on-oceanias-upcoming-upstream-projects-by-2025/
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