Billions more to be spent

An average of $7.1 billion per year is forecast to be spent on 31 upcoming oil and gas fields in Oceania between 2018 and 2025, according to GlobalData.

Capital expenditure (capex) into Oceania’s conventional gas and coal bed methane (CBM) projects would add up to $48.6 billion and $4.6 billion respectively over the eight-year period.

Conventional oil projects will require $3 billion, while the investments into heavy oil projects would total $800 million in upstream capex by 2025.

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