03/04/2018 – News / Investment / Oil & Gas / Africa / GlobalData

$194bn to be spent on upcoming oil & gas fields in Africa to 2025, says GlobalData

Close to US$194bn will be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa. Capital expenditure (capex) into conventional, unconventional, and heavy oil projects would form US$88.9bn; US$3bn and US$1.9bn of the region’s capital spend respectively over the eight-year period, according to Global Data – a leading data and analytics company.


Conventional gas projects will require US$99.1bn, while the investments into unconventional gas and coal bed methane (CBM) projects would total US$0.7bn in upstream capex by 2025, the research firm predicts.


Nigeria comes tops in capex


Nigeria accounts for more than US$48bn (or over 24.8 per cent) of total capex into upcoming projects in Africa over 2018 to 2025. The country has 24 announced and planned fields. The ultra-deepwater Zabazaba-Etan (US$11bn), deepwater Bonga North (US$8.9bn) and deepwater Bonga Southwest/Aparo (US$3.9bn) will require the highest capex over the eight-year period. All three major developments are conventional oil projects.


Major movements in Mozambique


GlobalData expects 23.8 per cent of capital expenditure in Africa to be spent in Mozambique over the next eight years. The East African country has seven planned and announced fields. 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 expenditures estimated at US$10.9bn, US$10.2bn and US$9.5bn, respectively.


Advancements in Angola


Angola is expected to contribute about 11.3 percent to the total capex spending in Africa between 2018 and 2025. The country has eight planned and announced fields. Kaombo Complex, ultra-deepwater conventional oil field with capex of US$5.1bn, Orca, conventional oil ultra-deepwater with a capex of US$3.7bn, and Lucapa, conventional oil deepwater field with a capex of US$3.2bn will top Angola’s list in terms of upcoming projects with the highest capex spend by 2025.


The continent’s other big spenders

Elsewhere, Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria, and Kenya, together have a capex US$56.6bn, or about 29.2 per cent of the total capex spending on upcoming projects over the next eight years in Africa.


In Africa, 93 upcoming oil and gas projects will call for US$413bn in capex to produce over 13,416 million barrels of crude and 184 trillion cubic feet of gas. Upcoming ultra-deepwater projects will have the highest lifetime capex at US$233bn. Deepwater projects will require US$86bn over the lifetime, while onshore and shallow water projects carry a total capex of US$64bn and US$30bn, respectively.

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