$57bn to be spent on Oceania’s upcoming upstream projects by 2025

13 March 2018 (Last Updated March 13th, 2018 10:36)

GlobalData expects that an average capex of $7.1bn per year will be spent on 31 upcoming oil and gas fields in Oceania between 2018 and 2025.

$57bn to be spent on Oceania’s upcoming upstream projects by 2025

GlobalData expects that an average capex of $7.1bn per year will be spent on 31 upcoming oil and gas fields in Oceania between 2018 and 2025. Capital expenditure into Oceania’s conventional gas and coal bed methane (CBM) projects would add up to $48.6bn and $4.6bn respectively over the eight-year period; conventional oil projects will require $3bn, while investments into heavy oil projects would total $0.8bn in upstream capital expenditure by 2025.

Australia accounts for over 83% of $57bn 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 $15.2bn, Scarborough with $7.1bn and Prelude with $3.8bn.

Papua New Guinea has a 14% share in Oceania’s planned and announced capex from 2018 to 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 $3.9bn, $2.2bn and $0.7bn respectively. All three are conventional gas projects located onshore.

Timor Sea Joint Petroleum Development Area is expected to contribute about 2% to the total capex spending in Oceania between 2018 and 2025. Greater Sunrise is the only conventional gas deepwater field, with a capex for the eight year period of $1.4bn.

GlobalData expects that over their lifetime, the 31 upcoming oil and gas projects in Oceania will require $140bn in capex to produce over 1,160 million barrels of crude and 64,759 billion cubic feet of gas.  Upcoming shallow water projects in Oceania will have the highest total capex at $63.7bn, while deepwater and onshore projects carry a total capex of $56.6bn and $19.6bn respectively.

Capital expenditure into upcoming projects by 2025 – Oceania

Source: GlobalData Upstream Analytics