You are here
Home > BUSINESS > Nigeria to get 25% of $194bn upcoming oil, gas projects in Africa — GlobalData

Nigeria to get 25% of $194bn upcoming oil, gas projects in Africa — GlobalData

Please follow and like us:

  • 0
  • Share

By Sebastine Obasi

DEARTH of investments in the oil industry may soon be a thing of the past if the report of GlobalData, London-based data and analytics company is anything to go by.

In its latest report obtained by Vanguard, GlobalData stated that Nigeria accounts for $48.04 billion or over 24.8 percent of total capital expenditure, CAPEX, into upcoming projects in Africa over 2018 to 2025.


It explained that Nigeria has 24 announced and planned fields, stressing that the ultra-deepwater Zabazaba-Etan with $11 billion, deepwater Bonga North with $8.9 billion and deepwater Bonga Southwest/Aparo with $3.9 billion will require the highest CAPEX over the eight-year period.

But it was gathered that the planning and execution of these projects would take many years.

Beyond Nigeria, it also stated that close to $194 billion will be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa.

CAPEX into conventional, unconventional, and heavy oil projects would form $88.9 billion; $3 billion and $1.9 billion of the region’s capital spend respectively over the eight-year period, according to GlobalData.

Conventional gas projects will require $99.1 billion, while the investments into unconventional gas and coal bed methane (CBM) projects would total $0.7 billion in upstream capital expenditure by 2025.

GlobalData stated that it expects 23.8 percent of capital expenditure in Africa to be spent in Mozambique over the next eight years, adding that Africa has seven planned and announced fields.

It indicated that Deepwater Golfinho-Atum Complex, ultra-deepwater Mamba Complex, and ultra-deepwater Coral South, all conventional gas projects, will have the highest CAPEX requirements over the next eight years, with expenditure estimated at $10.9 billion, $10.2 billion and $9.5 billion, respectively.

Specifically, Angola is expected to contribute about 11.3 percent to the total CAPEX spending in Africa between 2018 and 2025.

The country has 8 planned and announced fields. Kaombo Complex, ultra-deepwater conventional oil field with CAPEX of $5.1 billion, Orca, conventional oil ultra-deepwater with a CAPEX of $3.7 billion, and Lucapa, conventional oil deepwater field with a CAPEX of $3.2 billion, will have the highest level of capital spending by 2025 among Mozambique’s upcoming projects.

Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria, and Kenya, together have a CAPEX of $56.6 billion, or about 29.2 percent of the total CAPEX spending on upcoming projects over the next eight years in Africa.

GlobalData further stated that in Africa, 93 upcoming oil and gas projects will call for $413 billion in CAPEX to produce over 13,416 MMbbl of crude and 184 Tcf of gas.

It stated that upcoming ultra-deepwater projects will have the highest lifetime CAPEX at $233 billion, adding that deepwater projects will require $86 billion over the lifetime, while onshore and shallow water projects carry a total CAPEX of $64 billion and $30 billion, respectively.

The post Nigeria to get 25% of $194bn upcoming oil, gas projects in Africa — GlobalData appeared first on Vanguard News.

Facebook Comments

Please follow and like us:

  • 0
  • Share

Leave a Reply