Petroleum Africa
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Thursday, July 28, 2016
While the industry may be stagnant when it comes to oil and gas projects moving forward, don’t expect this to last for long, especially in sub-Saharan Africa where according to GlobalData, there are a total of 43 crude and natural gas projects expected to start operations in the next decade. Leading the charge with projects on the books are Nigeria and Angola, who have 11 and eight planned projects respectively.
Joseph Gatdula, GlobalData’s Senior Upstream Analyst, explains: “The region will experience investment delays across a wide scope of projects. However, developments will continue to come online in the mid-term, including fields which started development prior to the downturn in prices and those which demonstrate break evens at or below today’s current oil prices.”
Tullow Oil plc and Total S.A. will lead the region in terms of operatorship with five planned projects each. Of the 10 projects the two companies are expected to operate, nine are crude and one is natural gas, with Chevron Corp. occupying third place in terms of development with its three planned projects.
Key planned projects in the sub-Saharan region are expected to contribute 1.1 million bpd of global crude production in 2025 and 7.7 Bcf/d to global gas production.
These projects come with a capex of about $153 billion, with a good chunk of that being spent in Mozambique to bring its massive natural gas reserves to market. Projects in Mozambique have a capex of around $70 billion, with the majority of this being spent on the Rovuma Area 1 Complex and Rovuma Area 4 Complex projects.
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