Over US$180 billion will be spent on 88 upcoming oil and gas fields in Africa to 2025
Published by Joseph Green,
Over US$180 billion will be spent on 88 upcoming oil and gas fields between 2018 and 2025. Capital expenditure (capex) into Africa’s conventional oil, heavy oil and unconventional oil projects will add up to US$88 billion, US$2 billion and US$3 billion respectively over the eight-year period, according to GlobalData.
Conventional gas projects will require US$86 billion, while the investments into unconventional gas and coal bed methane (CBM) projects will total US$1.2 billion and US$0.1 billion respectively in upstream capex by 2025.
Peter Heath, Oil & Gas Analyst at GlobalData, comments: “Nigeria will lead the way with US$47.2 billion or over 26% of US$180 billion of capex between 2018 and 2025, and has 23 accounted and planned fields. Among these, the top fields in terms of capex for the period are Zabazaba-Etan with US$11.1 billion, Bonga North with US$8.4 billion and Bonga Southwest/Aparo with US$3.9 billion.”
Mozambique follows with US$46.2 billion or approximately 25% share in Africa’s planned and announced capex over 2018 and 2025 and has seven planned and announced fields. Deepwater Golfinho-Atum Complex, two ultra-deepwater fields Mamba Complex and Coral South are the top three fields with capex for the eight-year period of US$17.1 billion, US$15.0 billion and US$6.8 billion respectively. All three are conventional gas developments.
Angola is expected to contribute US$20.0 billion or an estimated 11% to the total capex spending between 2018 and 2025. The country has six planned and announced fields. The top three fields are Orca, Kaombo Complex and Lucapa, with capex of US$7.1 billion, US$5.1 billion and US$3.4 billion, respectively.
Tanzania, Algeria, Uganda, Egypt, Kenya, Senegal and Congo Republic have a combined forecast capex of US$50 billion, or approximately 28% of the total capex spending on upcoming projects in Africa for the period. GlobalData expects that over their lifetime, the 88 upcoming oil and gas projects will require US$384 billion in capex to produce over 12 356 million barrels of crude and 178 209 billion ft3 of gas.
Upcoming ultra-deepwater projects in Africa will have the highest total capex at US$212.1 billion. Deepwater projects will require US$80.9 billion over the lifetime, while onshore and shallow water projects carry a total capex of US$63.0 billion and US$26.8 billion, respectively.
Read the article online at: https://www.lngindustry.com/liquefaction/25042018/over-us180-billion-will-be-spent-on-88-upcoming-oil-and-gas-fields-in-africa-to-2025/
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