Mozambique Oil & Gas: Over US$9.1 billion will be spent on country’s upstream Capex by 2020

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An average Capex of US$3.0 billion per year would be spent on eight oil and gas fields in Mozambique between 2018 and 2020. Capital expenditure into Mozambique’s oil and gas projects, will add up to US$9.1 billion over the three-year period in upstream capital expenditure by 2020, according to GlobalData, a leading data and analytics company.

Ultra-deepwater projects will be responsible for over 65% of US$9.1 billion of upstream capital expenditure in Mozambique, or US$6.2 billion by 2020. The deepwater projects will account for 25% of upstream capital expenditure with US$2.3 billion by 2020, while onshore projects will necessitate $0.6bn in capital expenditure over the period.

GlobalData expects that Eni SpA and Exxon Mobil Corporation will lead Mozambique in capital expenditure, each investing US$1.4 billion into the country’s upstream projects by 2020. China National Petroleum Corporation will follow with US$1.1 billion investment into Mozambique’s projects between 2018 and 2020.

 

Coral South Project, a planned ultra-deepwater conventional gas field, will lead capital investment with US$4.3 billion to be spent between 2018 and 2020. Eni East Africa SpA is the operator for the field. Golfinho-Atum Complex, a deepwater conventional gas field in the Rovuma Basin, will follow next with a Capex of US$2.3 billion. Anadarko Mozambique Area 1, Limitada is its operator. Gas from both projects will be marketed as liquefied natural gas (LNG).

GlobalData reports the average remaining capital expenditure per barrel of oil equivalent (Capex/boe) for Mozambique projects at US$6.0. Deepwater projects have the highest remaining Capex/boe at US$6.8, followed by onshore and ultra–deepwater projects with US$5.9 and US$5.8, respectively.source: OILFIELDTehcnology; by , Editor

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