Over $114bn in capital expenditure will be spent over the lifetime of the top ten upcoming oil and gas upstream projects in Oceania, to produce 8,683 million barrels of oil equivalent, according to GlobalData.
These 10 projects, selected from 30 upcoming projects in Oceania, will contribute incremental capacity of 808,000 barrels of oil equivalent to global supply by 2025. Out of the top ten upcoming projects, nine are conventional gas developments and the remaining is a coalbed methane (CBM) development.
The Ichthys LNG Project in Australia is the largest with anticipated peak production at 333,800 barrels of oil equivalent in 2020 at an estimated cost of $41.8bn. Browse LNG in Australia is the next largest project with an anticipated peak production at 172,200 barrels of oil equivalent in 2025 at an estimated cost of $21.9bn.
GlobalData reports the average development breakeven gas price for top upcoming onshore projects in Oceania at $3.8 per thousand cubic feet. Shallow water projects have an average break-even of $15 per thousand cubic feet, while deepwater projects have an average break-even of $9.5 per thousand cubic feet.
GlobalData estimates $114bn will be spent to bring the top ten projects online, with $7.4bn forecast by 2025. Ichthys LNG Project, a conventional gas project, leads capital investment with $41.8bn over its development lifetime, followed by another conventional gas project, Browse LNG, with $21.9bn.
Top ten upcoming projects in Oceania
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Source: GlobalData Upstream Analytics