21-12-2018

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 and Capital Expenditure Outlook for Key Planned Upstream Projects in Sub-Saharan Africa – Royal Dutch Shell Dominates Production and Capex Outlook’ reveals that Nigeria leads in the sub-Saharan Africa with a capex of US$59bn on 28 planned and announced projects during the 2018–2025 forecast period. Of the total count, 8 are planned and 20 are announced projects.

Soorya Tejomoortula, Oil and Gas Analyst at GlobalData, comments: “Nigeria is investing heavily in new oil and gas projects to further boost its oil and gas production. Majority of production from these projects is for exports, generating significant revenues for the country.”

In total, 67 crude and natural gas projects are expected to start operations in the sub-Saharan Africa during the forecast period. Among these, 16 are planned projects with identified development plans, and 51 are early-stage announced projects that are undergoing conceptual studies and that are expected to get approved for development.

Source: Press Release

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