Over US$114 billion will be spent on Oceania’s upstream projects by 2025
Published by Joseph Green,
Over US$114 billion in capital expenditure will be spent over the lifetime of the top ten upcoming oil and gas upstream projects in Oceania, to produce 8683 million boe, according to GlobalData.
These 10 projects, selected from 30 upcoming projects in Oceania, will contribute incremental capacity of 808 000 boe to global supply by 2025. Out of top ten upcoming projects, nine are conventional gas developments and the remaining is a coalbed methane (CBM) development.
Ichthys LNG Project in Australia is the largest with anticipated peak production at approximately 3.3 million boe in 2020, at an estimated cost of US$41.8 billion. Browse LNG in Australia is the next largest project with an anticipated peak production at 1.72 million boe in 2025, at an estimated cost of US$21.9 billion.
The average development breakeven gas price for top upcoming onshore projects in Oceania stand at US$3.8 per thousand ft3. Shallow water projects have an average break-even of US$15.0 per thousand ft3, while deepwater projects have an average break-even of US$9.5 per thousand ft3t.
GlobalData estimates US$114 billion will be spent to bring the top ten projects online, with US$7.4 billion forecast by 2025. Ichthys LNG Project, a conventional gas project, leads capital investment with US$41.8 billion over its development lifetime, followed by another conventional gas project, Browse LNG with US$21.9 billion.
Read the article online at: https://www.lngindustry.com/liquefaction/26032018/over-us114-billion-will-be-spent-on-oceanias-upstream-projects-by-2025/
You might also like
Congo and Technip Energies sign co-operation agreement
Congo’s Ministry of Hydrocarbons has signed a co-operation agreement with Technip Energies that will see the parties expand cooperation in the fields of offshore and onshore energy developments.