Earlier this year, Rystad Energy published the High Impact Wells Report, a list of the most exciting wildcats to look out for in 2019. This edition brings the spotlight to Africa.
After several consecutive low-activity years with only a few positive results, Rystad Energy expects that as many as six high impact wells are yet to be completed this year around Africa. These wells all target offshore acreages, with the majority planned in the Western African region.
“Africa appears to be emerging from a long hibernation in terms of oil and gas exploration activities,” said Rystad Energy Upstream Research analyst Taiyab Zain Shariff.
A steep drop in the number of exploration wells in 2015 fueled by budget cuts, failed projects, and poor market conditions has meant that exploration in the region has mostly been on pause and declining further until this year, where an uptick in investments has reversed this negative trend, shining some light on African exploration.
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These six high impact wells include those targeting large prospects, play openers, wells in the frontier area, and operator communicated high impact wells.
Overall, there is a sense of positivity after years of inactivity and decline in the region. Thanks to lowered costs and several large prospects, there is once again hope for Africa’s exploration endeavors to grow in the upcoming years.
Taiyab Zain Shariff
Analyst, Upstream Research
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Phone: +47 24 00 42 41
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Rystad Energy is an independent energy research and business intelligence company providing data, tools, analytics and consultancy services to the global energy industry. Our products and services cover energy fundamentals and the global and regional upstream, oilfield services and renewable energy industries, tailored to analysts, managers and executives alike. Rystad Energy’s headquarters are located in Oslo, Norway with offices in London, New York, Houston, Aberdeen, Stavanger, Moscow, Rio de Janeiro, Singapore, Bangalore, Tokyo, Sydney and Dubai.