GlobalData expects that over $180bn will be spent on 88 upcoming oil and gas fields between 2018 and 2025. Capital expenditure into Africa’s conventional oil, heavy oil and unconventional oil projects will add up to $88bn, $2bn and $3bn respectively over the eight-year period. Conventional gas projects will require $86bn, while the investments into unconventional gas and coal bed methane (CBM) projects will total $1.2bn and $0.1bn in upstream capital expenditure by 2025.
Nigeria accounts for $47.2bn or over 26% of $180bn of capital expenditure 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: Zabazaba-Etan with $11.1bn, Bonga North with $8.4bn and Bonga Southwest/Aparo with $3.9bn.
Mozambique follows with $46.2bn or about 25% share in Africa’s planned and announced capex over 2018 and 2025. The country 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 $17.1bn, $15.0bn and $6.8bn respectively. All three are conventional gas developments.
Angola is expected to contribute $20.0bn or about 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 $7.1bn, $5.1bn and $3.4bn, respectively.
Image: Capital expenditure into upcoming projects by 2025. Credit: Upstream Analytics.
Tanzania, Algeria, Uganda, Egypt, Kenya, Senegal and Congo Republic, together have forecast capex of $50bn, or about 28 percent 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 $384bn in capex to produce over 12,356 million barrels of crude and 178,209 billion cubic feet of gas.
Upcoming ultra-deepwater projects in Africa will have the highest total capex at $212.1bn. Deepwater projects will require $80.9bn over the lifetime, while onshore and shallow water projects carry a total capex of $63.0bn and $26.8bn respectively.
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