In a recent report by PennWell Petroleum Group, deepwater oil exploration offshore in West Africa continue to flourish since the first oil and gas exploration of the Congo basin in 1994. Over the last 20 years, this region has become pivotal for the exploration and production of oil and natural gas. Across the continent, deepwater oil and gas activity extends from Mauritania to Angola, with total oil and gas production growing.
West Africa’s appeal is hardly surprising. Its Atlantic margin consists of significant unexplored acreage offering considerable Exploration & Production potential. Little wonder then that these as yet untapped reserves have spurred considerable investments by local and foreign investors alike. According to a report published by Barclays earlier this year, Exploration & Production spending in Africa is set to rise by 4.5% year-on-year to reach around $25 billion, with western Africa attracting the lion’s share of this spending.
Within West Africa, Nigeria has a long-standing position as a major producer of oil, and is home to the second largest amount of oil reserves in the region. In addition to Nigeria, Angola has emerged as one of the most significant countries in Africa for the exploration of oil and gas and is home to over one-third of all discoveries made over the last three years in the region.
Although Nigeria and Angola have led the way, other countries are presenting new and exciting opportunities. For example, Ghana has seen a wave of discoveries in recent years, the report says.
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