In an expenditure outlay of $39.2 billion for its upstream crude oil production projects estimated to 2021, oil major, ExxonMobil, plans to deploy its highest capital expenditure per barrel on Nigeria’s north-easterly neighbour, Chad Republic, according to recently released data seen by Businessamlive.com.
Capital expenditure per barrel for Chad oilfield productions see the ExxonMobil spend the equivalent of $40.5/per barrel of oil, the highest amongst the twenty-one countries the oil and gas giant operates.
According to the capital expenditure data released by ExxonMobil Chad is attracting the highest capex of $40.5 per barrel of oil, followed jointly by the United Kingdom and the Netherlands, which are expected to receive a capex of $37.3 per barrel respectively, while capex par barrel in the United States at $28.3 is third on the global per barrel capex of the global oil major.
This means the world’s largest oil explorer will be spending most on the exploration and production of crude in the West African country.
- IMF projects global economy to grow by 6% in 2021 and 4.4% in 2022
- Elumelu tells UBA shareholders to expect greater returns in 2021
- Kenya and Ethiopia win big at 2021 Access Bank Lagos City Marathon
- FG reveals plans to begin auctioning of Nigeria’s bitumen blocks by the…
- Pitfalls Africa must avoid over COVID-19 vaccines
However, no data was provided on ExxonMobil’s capital spending in Nigeria despite it being a major player in the Nigerian oil industry.
Among the fields in Nigeria in which ExxonMobil has an equity stake, is the famous Owowo oil field in Niger Delta, which was discovered last year with over a billion barrels in crude oil reserves.
ExxonMobil projects 2.1 million barrels per day with onshore fields producing 1.1 million barrels per day, which accounts for half of the total crude produced by the ExxonMobil- operated fields. Offshore oil fields are projected to be responsible for 1.2 million barrels per day, the available data show.
Frontpage December 27, 2019