Unlocking Deepwater opportunities in Sub-Sahara Africa By Jerome Onoja, Ike Amos eepwa ter oi l a n d ga s D exploration and production opportunities are daily rising in sub-Saharan Africa and major hydrocarbon finds have been recorded over the years.
This article highlights the opportunities in sub-Sahara Africa deepwater, ranging from Nigeria, Senegal, Congo and Angola among others and the many projects where investments are needed. Sub-Saharan Africa’s oil and gas industry, in the area of deepwater exploration and production, is looking increasingly promising, especially with the rising price of crude oil in the international market. Crude oil price is currently hovering 16
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around an average of $70 per barrel and prospects are rising for the vast deepwater resources in sub-Saharan Africa. PriceWaterHouse Coopers (PWC), in its Africa oil and gas review, titled, ‘Taking on tomorrow,’ disclosed that Africa’s proven reserves, at 126.5 billion barrels, driven by deepwater resources, is 7.5 per cent of the world’s proven reserves with no changes since prior year. The global auditing firm also stated that Africa’s crude oil production was 8.1 million barrels per day, 8.7 per cent of global production, up 0.3 per cent from prior year. It added that consumption at 4.0 million barrels per day, 4.1 per cent of global consumption, same as prior year. The report also put
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regional growth at 2.5 per cent and put exports from Africa at 6.8 million barrels per day, 10.1 per cent of global exports. In the area of gas, the report noted that Africa accounts for 7.1 per cent of the world’s proven reserves, with 487.8 trillion cubic feet of proven reserves, while the continent’s production stood at 7.95 TCf, comprising 6.1 per cent of global production, up 0.3 per cent from the previous year. The report added that pipeline exports from Africa stood at 1.6 TCF, declining by 3.3%, and making up 6.1% of global exports, down 0.4% compared to last year. PWC disclosed that the oil price collapse had reshaped the oil and gas industry globally as well as in Africa, www.majorwavesenergyreport.com
