Chuks Isiwu
18 April 2018, Sweetcrude, Lagos – A whopping $48.04 billion will be spent on upcoming oil and gas fields in Nigeria between this year and 2025, according to GlobalData, a leading data and analytics company.
The amount is part of the overall $194 billion capital expenditure or CapEx projected for 93 upcoming oil and gas fields in Africa by 2025.
Nigeria with $48.04 billion projected expenditure accounts for over 24.8 percent of total CapEx into planned projects in Africa over the period, GlobalData said in a report on upcoming oil and gas projects on the continent.
It said in the report that capital expenditure into conventional, unconventional and heavy oil projects would form $88.9 billion; $3 billion and $1.9 billion of the continent’s capital spend respectively over the eight-year period.
Nigeria’s ultra-deepwater Zabazaba-Etan field with $11 billion, deepwater Bonga Northwest with $8.9 billion and deepwater Bonga Southwest/Aparo with $3.9 billion will require the highest CapEx over the 8-year period. Owowo West, in the Niger Delta Basin, will follow with a CapEx of $1.8 billion. All four are conventional oil projects.
While Nigerian Agip Exploration Ltd is the operator of Zabazaba-Etan, Esso Exploration and Production Nigeria Limited operates Owowo West. Bonga Northwest and Bonga Southwest/Aparo are operated by SNEPCo.
The report expects 23.8 percent of capital expenditure in Africa to be spent in Mozambique over the next 8 years. The country has 7 planned oil fields projects, the report said.
The country’s 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 period, with expenditures estimated at $10.9 billion, $10.2 billion and $9.5 billion, respectively.
Also, 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 fields.
Amongst the country’s planned oil field projects, Kaombo Complex, the ultra-deepwater conventional oil field, has a projected CapEx of $5.1 billion; Orca, also a conventional oil ultra-deepwater, has a CapEx of $3.7 billion, and Lucapa, another conventional oil deepwater field, has a CapEx of $3.2 billion.
Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria, and Kenya, together have a CapEx of $56.6 billion, representing about 29.2 percent of the total CapEx spending on upcoming projects over the eight-year period in Africa.
