Billions more to be spent

An average of $7.1 billion per year is forecast to be spent on 31 upcoming oil and gas fields in Oceania between 2018 and 2025, according to GlobalData.

Capital expenditure (capex) into Oceania’s conventional gas and coal bed methane (CBM) projects would add up to $48.6 billion and $4.6 billion respectively over the eight-year period.

Conventional oil projects will require $3 billion, while the investments into heavy oil projects would total $800 million in upstream capex by 2025.

GlobalData expects the 31 upcoming oil and gas projects in Oceania will require $140 billion in capex to produce more than 1,160 MMbbl of crude and 64,759 Bcf of gas over their lifetime.

Upcoming shallow water projects in Oceania will have the highest total capex at $63.7 billion, while deepwater and onshore projects carry a total capex of $56.6 billion and $19.6 billion respectively.

Australia accounts for more than 83 per cent of the $57 billion of capital expenditure in Oceania for the period of 2018 to 2025.

The country has 23 announced and planned fields; among these, top fields in terms of capex for the period are Browse LNG with $15.2 billion, Scarborough with $7.1 billion and Prelude with $3.8 billion.

Papua New Guinea has 14 per cent share in Oceania’s planned and announced capex over 2018 and 2025.

The country has six planned and announced fields – Elk-Antelope, P’nyang and Elevala are the top fields with capex for the eight-year period of $3.9 billion, $2.2 billion and $0.7 billion, respectively.

All three are conventional gas projects located in onshore.

Timor Sea Joint Petroleum Development Area is expected to contribute about 2 per cent to the total capex spending in Oceania between 2018 and 2025.

Greater Sunrise is the only conventional gas deepwater field, with a capex of $1.4 billion for the eight year period.

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