The US Gulf of Mexico, offshore Brazil and offshore West Africa represent a “Golden Triangle” for deepwater oil exploration and production, and Nigeria and Angola are building the African region a formidable reputation as an oil and gas exploration and production hub, says a new report by natural resources experts GlobalData.
The new report* states that since the first explorations in the Congo Basin in 1994, deepwater oil exploration in offshore West Africa has boomed, and the region has become one of the most important areas in the world for the exploration and production of oil and natural gas, due to a spate of discoveries in the past few years.
Deepwater oil and gas activity in West Africa extends from Mauritania to Angola, and the region has witnessed offshore production holding an increasing share in total oil and gas production, growing from 58.9% in 2001 to 78.3% by 2011.
Nigeria and Angola are the largest producers of oil and gas in West Africa, accounting for around 77.7% of the region’s total offshore oil and gas production during 2001–2011. Nigeria has been an OPEC (Organization of the Petroleum Exporting Countries) member since 1971, and is a major producer of oil in Africa, holding the second highest oil reserves in the continent. The country recorded the highest offshore production of oil and gas in West Africa for 2011, producing 699.4 Million barrels of oil equivalent (MMboe), and is well known for the abundant presence of fossil fuels. Nigeria’s oil reserves were estimated to be approximately 37.2 billion barrels as of 2010, thanks to the country's Niger River Delta, while proven natural gas reserves reached 185.3 trillion cubic feet (tcf) during the same year.
In contrast, Angola has been an OPEC member only from 2007, and is at the forefront of West African offshore oil and gas exploration and production, recording the highest number of discoveries in the region during recent years. During January 2009-June 2012, Angola accounted for 17 of a total 47 deep offshore oil and gas discoveries made in West Africa, emerging as a future force to be reckoned with.
West African countries such as Ghana are also gaining fame. After Angola, Ghana recorded the second-largest number of discoveries during the January 2009–June 2012 period, with 11, and the country is poised to increase its production considerably in the future.
Offshore oil and gas production in the West African region increased from 843.7 MMboe in 2001 to 1,564.2 MMboe in 2011, at an Annual Average Growth Rate (AAGR) of 6.2%, and is expected to increase further to 2,201.6 MMboe in 2020 at an AAGR of 3.8%,as a result of anticipated projects.
NOTES TO EDITORS
*Deep Offshore Oil & Gas Exploration and Production (E&P) in West Africa - Market Analysis, Competitive Landscape and Forecasts to 2020
This report analyzes the global Exploration and Production (E&P) industry. The report provides an overview of the deep offshore E&P in West Africa. The report also provides information on the major deep offshore oil and gas projects and key companies in Nigeria, Angola, Equatorial Guinea, the Republic of Congo and Ghana.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant,reliable and actionable strategic business intelligence available for a wide range of industries
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