Close Menu
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

Tinubu commissions first section of Lagos-Calabar Superhighway

May 31, 2025

Senator Barau, Shekarau mourn death of Kano athletes in road accident

May 31, 2025

Kano govt condoles families of athletes, announces ₦1m donation

May 31, 2025
Facebook X (Twitter) Instagram WhatsApp Telegram
  • About Us
  • Advert Rate
  • Get In Touch
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
  • Home
  • Latest News
  • National
  • Politics
  • Entertainment
  • Sports
Subscribe
Facebook X (Twitter) Instagram WhatsApp Telegram
Arogidigba Global JournalArogidigba Global Journal
You are at:Home»Editor's Picks»Nigeria missing as global oil giants embrace spending of up to $130bn by 2027
Editor's Picks

Nigeria missing as global oil giants embrace spending of up to $130bn by 2027

May 6, 2024No Comments3 Mins Read
Facebook Twitter Telegram LinkedIn WhatsApp Email Copy Link
Share
Facebook Twitter LinkedIn Email Telegram WhatsApp

As Big Oil returns this week to the industry’s annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the US Gulf Coast will take the spotlight.

Nigeria Africa’s top producer is missing from the ambitious list hobbled by years of bad policies and corruption.

Offshore exploration had dimmed after the US shale boom ushered in new and cheaper-to-tap supplies of oil, and as past offshore cost overruns pushed deepwater projects onto the industry’s back burner.

Newer deepwater projects have the attributes oil and gas companies are looking for: longer-term production, lower breakeven costs, big resource potentials and lower carbon emissions, said Pablo Medina, head of new ventures at energy consultants Welligence.

Read also: Seplat to deliver 13 new oil & gas wells in 2024

“Deepwater is back in vogue,” Medina said.
Capital spending on new deepwater drilling is poised to hit a 12-year high next year, predicts consultancy Rystad Energy. Investment in new and existing deepwater fields could hit $130.7bn in 2027, a 30% jump over 2023, it said.

“The return of offshore and deepwater operations is going to be a big topic at OTC [Offshore Technology Conference], and Namibia is going to be talk of the show,” said James West, senior MD at financial firm Evercore, referring to the recent series of oil finds off the West African coast.

With crude oil prices above $70 a barrels, energy producers can expect a return on their multibillion-dollar deepwater projects in six years, a relatively short period considering the wells’ longer lives compared with shale, explained Matt Hale, vice-president of supply chain research at Rystad, at the Rystad Energy Forum in Houston last month.

Deepwater resources also offer lower carbon emissions intensity than shale and other tight oils, averaging 2kg of carbon dioxide per barrel less than shale, Hale said. That appeals to investors seeking safer bets as environmental regulations tighten.

Namibia

Enthusiasm for offshore has climbed with discoveries and technology breakthroughs. Namibia’s Mopane is forecast to hold as much as 10-billion barrels of oil, Portuguese oil company Galp Energia said last month.
Chevron and TotalEnergies have made a breakthrough in ultra-high pressure environments with their Anchor project in the Gulf of Mexico, the world’s first to operate at once-unfathomable 20,000 pounds per square inch (psi) pressures.

The Anchor platform is preparing to start production off the Louisiana coast, and at its peak will produce up to 75,000 barrels per day (bpd) of crude and operate for 30 years.
The Stabroek block off the coast of Guyana has demonstrated the potential for low cost production that rivals the best deepwater fields elsewhere.

Over the next six years, more than half of its recoverable resources are expected pump at a breakeven price of less than $30 per barrel, according to Rystad. That is comparable to the breakeven on about 80% of deepwater recoverable resources off Norway, Rystad estimates.

Renewed interest in deepwater has boosted demand and results for offshore drilling contractors. Rates for some vessels have surpassed $500,000 a day and contract durations are lengthening as vessel supply dwindles.
“We are reaching this crescendo over the next 18 months or so where the (deepwater rig) market will level out,” said Leslie Cook, upstream supply chain analyst at consultants Wood Mackenzie.

Share. Facebook Twitter LinkedIn WhatsApp Email Telegram Copy Link
Previous ArticleIran, Hamas war: We’ll stand alone to defeat our enemies – PM Netanyahu
Next Article Omo-Agege confident in Tinubu’s plan to reposition Nigeria, defends FG’s coastal road project

Related Posts

Cardoso Named African Banker Central Bank Governor of the Year

May 30, 2025

Running on empty: Power supply remains unreliable despite tariff hike- Poll

May 30, 2025

Running on empty: Crops rot as farmers battle power cuts

May 30, 2025

Leave A Reply Cancel Reply

Ads />
</a></div>		</div>

		</div>
		<div id=
Latest Posts

Tinubu commissions first section of Lagos-Calabar Superhighway

May 31, 20250 Views

Senator Barau, Shekarau mourn death of Kano athletes in road accident

May 31, 20250 Views

Kano govt condoles families of athletes, announces ₦1m donation

May 31, 20250 Views

Kano govt donates N1m each to families of 22 deceased athletes

May 31, 20250 Views
Don't Miss

Danish Embassy, Danish Veterinary And Food Agency, Partner NAFDAC To Combat Antimicrobial Resisitance

By Arogidigba Global JournalDecember 8, 2024

The National Agency for Food and Drug Administration and Control NAFDAC in its quest to…

CAN disburses 600 baggage of rice to Jigawa Christians

January 6, 2024

Court Nullifies Rivers 2024 Budget, Bars Fubara From Interfering In Assembly Matters

January 22, 2024

OSIEC chairmanship: I am no longer PDP member – Hashim Abioye

January 12, 2024

Senate In Rowdy Session As Lawmaker Claims ‘Older’ Senators Got N500m For Projects

March 12, 2024
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Subscribe to Updates

Get the latest news from Arogidigba Global Journal

About Us
About Us

AROGIDIGBA GLOBAL NEWS…something of stupendous magnitude is a digital newspaper platform published by AROGIDIGBA MEDIA LIMITED. We are accessed all over the world on the various social media. As an independent News Organization, we are purposefully positioned to serve the Nigerian audience and the world with credible news reports and shrewd analyses.

Facebook X (Twitter) YouTube WhatsApp Reddit
Latest News

Senator Barau, Shekarau mourn death of Kano athletes in road accident

May 31, 2025

Kano govt donates N1m each to families of 22 deceased athletes

May 31, 2025

Abuja has come back to life – Nwuche hails Wike 

May 31, 2025
Editor's Pick

Cardoso Named African Banker Central Bank Governor of the Year

May 30, 20250 Views

Running on empty: Power supply remains unreliable despite tariff hike- Poll

May 30, 20250 Views

Running on empty: Crops rot as farmers battle power cuts

May 30, 20250 Views
© 2025 Arogidigba Global Journal jollyph
  • Home
  • Latest News

Type above and press Enter to search. Press Esc to cancel.

Ad Blocker Enabled!
Ad Blocker Enabled!
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.