EXPLOITING OIL AND GAS OPPORTUNITIES IN AFRICA - Aquaterra Energy

EXPLOITING OIL AND GAS OPPORTUNITIES IN AFRICA

28/05/2013

Commercial quantities of oil were first discovered in West Africa’s Niger Delta basin in the 1950s but it wasn’t until 2007 when Tullow Oil discovered the Jubilee oil field in Ghana, heralding the start of a new era of opportunities for the oil and gas industry in Africa.  Predictions from consultancy Wood Mackenzie, point to the production of an additional 400,000 barrels of oil per day by 2018 from sub-Saharan African countries, elevating it to the equivalent daily crude oil output levels in US last year.  Ecobank Research estimates that the total production of crude oil in Africa this year is likely to be 8.9 million barrels a day.  Sub-Saharan Africa will account for around 5.9 million bpd of this, well above the previous forecast from 2012 of 5.5 million. The largest single buyer of sub-Saharan crude oil is currently China.  Aquaterra Energy is active in Africa, working in partnership with valued customers like Tullow Oil to provide flagship engineering solutions in response to complex offshore challenges, and helping them to maximise opportunities that Africa presents for the oil and gas industry.