‘Nigeria has highest capex on crude’

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PETROLEUM PIPES AND OIL TANKER AT PIER

Nigeria accounts for more than 34 per cent of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in sub-Saharan Africa over the period 2018–2025, according to GlobalData, a 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 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, eight are planned and 20 are announced projects.

Soorya Tejomoortula, oil and gas analyst at GlobalData, said: “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 sub-Saharan Africa during the forecast period.

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