Capital expenditure (capex) into oil and gas upstream in Nigeria will hit $25 billion in the next three years.A research body, Globaldata, revealed that the country would add at least $8.4 billion per year on 249 oil and gas fields from 2018 to 2020.

The Nigerian National Petroleum Corporation (NNPC), Royal Dutch Shell Plc and Eni SpA were expected to lead the investment.Already, industry players were hopeful that progress made with the signing of part of the Petroleum Industry Bill would unlock investment opportunities hovering around $250 billion.

NNPC would invest $5.3 billion into the country’s upstream projects by 2020, while Royal Dutch Shell Plc and Eni SpA would follow, with $4.7 billion and $2.8 billion respectively.


According to globaldata, ultra deep water projects will be responsible for over 28, representing $7.2 billion, shallow water projects will account for $6.7 billion or 26 per cent of the spending, while deepwater and onshore projects will necessitate $6.0 billion and $5.5 billion respectively in over the period.
Planned shallow water conventional oil field being operated by Nigerian Agip Exploration Ltd Zabazaba-Etan Project, was projected to lead the capital investment with $4.8 billion.
Similarly, a conventional oil field in the Niger Delta Basin operated by Esso Exploration and Production Nigeria Limited, Owowo West is expected to witness capital expenditure of over $1.8billion.
It put the average remaining capital expenditure per barrel of oil equivalent (boe) for Nigeria projects at $6.7. Ultra-deepwater projects have the highest remaining capex/boe at $11.20, followed by deepwater projects at $9.7. The shallow water and onshore projects have capex/boe at $7.0 and $3.3 respectively.
In a related development, research expert, Woodmackenzie has said the cost reduction efforts by the industry have largely been successful, adding that the Final Investment Decisions (FIDs) for upstream projects are set to witness new low cost cycle.
According to the report, 2017 saw a significant recovery in upstream FIDs, with the number of project sanctions more than doubled compared to 2016.
“Cost reduction efforts by the industry have largely been successful. The primary focus has been to reduce project footprints through fewer wells, smaller facilities, and the greater use of subsea tie-backs and existing infrastructure. Lower costs, lower breakevens, higher prices and improved corporate finances all contributed to an upgrade in industry sentiment and more projects getting sanctioned in 2017,” the report said.
Principal analyst at Wood Mackenzie, Jessica Brewer, said: “We are seeing significantly smaller projects, alongside a greater appetite for brownfield and expansion projects, and more subsea tie-backs.
“Brownfield developments are popular in the current capital-constrained environment, with less spend and execution risk than a greenfield project, and a faster route to first production. Both investors and operators want to see faster cycle times and quicker returns on upstream projects.
“We should continue to see operators favouring a ‘leaner and meaner’ path in 2018. At the beginning of the year we selected 30 projects we thought were most likely to make FID, and they follow many of the trends we saw emerge in 2017. Average capex continues to fall – averaging only US$2.2 billion – while capex/boe is now only US$4.9/boe, versus US$11.3/boe back in 2011.”

http://www.akelicious.net/2018/04/nnpc-shell-others-to-invest-253b-in-oil.html

Cool
BONGA expansion started already last month

Nice

Beautiful

Zabazaba loading

Please let us Open our Bible to Roman chapter 3 Versus Barca (0)... And it reads because of Messi and Proud Barca Fans , Barcelona perished....

Meanwhile....Man City Vs Liverpool:

Jesus Scored 1 Goal and Mohammed later replied with 1 Goal too... Case closed!!

#YNWA

please guys admob said they have mail me my pin since December and i haven't received any pin till now but i requested a new one but still not received it please is there an alternative or something i can do, please guys i get some $$$ in the account
experts should me here please
They will close my account by the end of this month if i no verify am
Guys do something

How much u won sell these three plot of lands?

deepwater:
Nice

Once I am reading and I come across Nigeria 'TO' I know deep down in my heart that whatever it is,is not serious at all

deepwater:
Zabazaba loading

pls whats the latest update on the zabazaba project, hope local content policy will be fully implemented just like egina.

deepwater:
Cool
BONGA expansion started already last month

With the arrival of the DS-10 i suppose?

Oil Man's prayer: Dear lord, please give me one more oil boom, this time i promise not to piss it away...

WILL SHELL ( SPDC ) BE COMING TO WARRI, DELTA STATE TO INVEST?

Warri, Delta state is a deserted homeland and this countryside need all the investment it could carry.

WARRI IS TIRED OF THE JAMES IBORI CABALS!

Wiseoldman:


With the arrival of the DS-10 i suppose?

The rig has arrived already, Xmas tree loading out this weekend

Will be back

wink2015:
WILL SHELL ( SPDC ) BE COMING TO WARRI, DELTA STATE TO INVEST?

Warri, Delta state is a deserted homeland and this countryside need all the investment it could carry.

WARRI IS TIRED OF THE JAMES IBORI CABALS!

The search for energy has gone deeper into deepwaters

wink2015:
WILL SHELL ( SPDC ) BE COMING TO WARRI, DELTA STATE TO INVEST?

Warri, Delta state is a deserted homeland and this countryside need all the investment it could carry.

WARRI IS TIRED OF THE JAMES IBORI CABALS!

Warri had it's days...unfortunately they pissed it away...

Castroii:

pls whats the latest update on the zabazaba project, hope local content policy will be fully implemented just like egina.

Egina remains highest for now, hope some other activities break the record.

I see BONGA SW/Aparo expansion breaking the egina record .

Zabazaba, Make we dey see sha

This buhari y re u attracting investment again so waec cert is useful

Good job.....but why is there no body both govt nd other parastaters investing in giving Nigeria 24hrs light? No even one single city in nigeria can boast of 15hrs of light every day. All these billions of naira for don reach buy wind turbine and solar mount for each state o.

A wind turbine is a machine that transforms the kinetic energy of the wind into mechanical or electrical energy. Wind turbines can carry on generating electricity for 20-25 years. Over their lifetime they will be running continuously for as much as 120,000 hours.

The output of a wind turbine depends on the turbine's size and the wind's speed through the rotor.
An average onshore wind turbine with a capacity of 2.5–3 MW can produce more than 6 million kWh in a year – enough to supply 1,500 average EU households with electricity.
An average offshore wind turbine of 3.6 MW can power more than 3,312 average EU households.

Imagine nigerian govt invest all this billion recovered from the so called looters on an off grid energy that depends on wind turbine which convert wind energy to electricity and solar energy together. At least on city will boast of 24hrs light if not a state or the whole Nigeria.

Bonga oil field gas export upgrade ongoing through EA offshore platform.

impressive. but we don wait for this zabazaba tire!

deepwater:


Egina remains highest for now, hope some other activities break the record.

I see BONGA SW/Aparo expansion breaking the egina record .

Zabazaba, Make we dey see sha

How soon will this come online?
Are you in IOC or servicing?

Inception:


How soon will this come online?
Are you in IOC or servicing?

Inception:


How soon will this come online?
Are you in IOC or servicing?

I am in deepwater for I am deepwater

deepwater:


Egina remains highest for now, hope some other activities break the record.

I see BONGA SW/Aparo expansion breaking the egina record .

Zabazaba, Make we dey see sha

I dont think the Bonga Southwest will breakbyhe record. I dont have the details of the development but will the field be tied back to the Bonga Fpso or will a new Fpso be built? I think if it will be tied back then it wont beat Egina in termsbof Local content Records. Zabazaba wont even beat egina cos they will chatter An Fpso as against building a new one. Thats my take though buh like ubsaid, lets see

deepwater:
Zabazaba loading

Do you think it can commence before the end of the year?? Also, apart from Saipem, which other contractors would be involved..??

deepwater:




I am in deepwater for I am deepwater

Thousand kisses
Just for you

Good news for Nigeria.

wink2015:
WILL SHELL ( SPDC ) BE COMING TO WARRI, DELTA STATE TO INVEST?

Warri, Delta state is a deserted homeland and this countryside need all the investment it could carry.

WARRI IS TIRED OF THE JAMES IBORI CABALS!

Warri chose to kill itself.

Let the dead remain dead.

Warri's loss is PortHarcourt's monopoly.

Wiseoldman:


With the arrival of the DS-10 i suppose?

Oil Man's prayer: Dear lord, please give me one more oil boom, this time i promise not to piss it away...

Many feel you.

[quote author=Wiseoldman post=66609786]

With the arrival of the DS-10 i suppose?

Oil Man's prayer: Dear lord, please give me one more oil boom, this time i promise not to piss it away...

Yea,yea,DS-10i is for OCEAN DEEP DRILLING ESV NIGERIA LIMITED (ODENL)
is a joint venture partnership company formed by OES Energy Services Limited and Ensco plc.

God we need this now...


Zabazaba and Bonga SW