More than $180 billion (£130.8bn) will be spent on 88 new oil and gas fields in Africa by 2025.
That’s according to analytics firm GlobalData, which says capital expenditure into Africa’s conventional oil, heavy oil and unconventional oil projects will add up to $88 billion (£64bn), $2 billion (£1.45bn) and $3 billion (£2.2bn) respectively over the next eight years.
Nigeria is expected to lead the way with $47.2 billion (£34.3bn) of capex between 2018 and 2025 spread over 23 planned fields. making up 26% of the continent’s total.
Mozambique and Angola follow with $46.2 billion (£33.6bn) and $20 billion (£14.5bn) respectively.
Tanzania, Algeria, Uganda, Egypt, Kenya, Senegal and Congo Republic have a combined forecast capex of $50 billion (£36.3bn), approximately 28% of the total capex spending on upcoming projects in Africa for the period.
GlobalData expects over their lifetime, the 88 upcoming oil and gas projects will require $384 billion (£279.1bn) in capex to produce more than 12,356 million barrels of crude and 178,209 billion cubic feet of gas.