Opinion

Over $25bn Will be Spent on Nigeria’s Upstream Capex to 2020, Says GlobalData


An average capital expenditure (capex) of $8.4bn per year will be spent on 249 oil and gas fields in Nigeria between 2018 and 2020. Capex into Nigeria's oil and gas projects will add up to $25.3bn over the three-year period in upstream capex by 2020, according to GlobalData, a leading data and analytics company.

Ultra-deepwater projects will be responsible for over 28 percent of $25.3bn of upstream capex in Nigeria, or $7.2bn by 2020. The shallow water projects will account for 26 percent of upstream capex with $6.7bn by 2020, while deepwater and onshore projects will necessitate $6.0bn and $5.5bn respectively in capex over the period.

PR1559

IMAGE FOR PUBLICATION: Please click here for enlarged chart

GlobalData expects that Nigerian National Petroleum Corporation will lead Nigeria in capex, investing $5.3bn into the country's upstream projects by 2020. Royal Dutch Shell Plc and Eni SpA will follow, with $4.7bn and $2.8bn respectively.

Zabazaba-Etan Project, a planned shallow water conventional oil field, will lead capital investment with $4.8bn to be spent between 2018 and 2020. Nigerian Agip Exploration Ltd. is the operator for the field. Owowo West, a conventional oil field in the Niger Delta Basin, will follow next with a capex of $1.8bn. Esso Exploration and Production Nigeria Limited is its operator.

GlobalData reports the average remaining capex per barrel of oil equivalent (boe) for Nigeria projects at $6.7. Ultra-deepwater projects have the highest remaining capex/boe at $11.20, followed by deepwater projects at $9.7. The shallow water and onshore projects have capex/boe at $7.0 and $3.3 respectively. 



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://energy.globaldata.com/media-center/press-r...

NigeriaCAPEXGlobalDataupstreamSpendinggasOilDeepwaterUltra-DeepwaterRoyal Dutch ShellShell

More items from oilvoice


Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 3 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 7 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 7 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 8 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11

Total Announces the Distribution of its Second 2018 Interim Dividend

The Board of Directors met on December 12, 2018 and declared  the distribution of a second interim dividend for the 2018 fiscal year of €0.64 per share, in accordance with the Board's decision of July 25, 2018, an amount equal to the first 2018 interim dividend and an increase of 3.2% compared to t ...

OilVoice Press - OilVoice


Posted 8 months agoPress > TotalDividend
All posts from oilvoice