Increased African offshore exploration
Offshore West and Southern Africa is seeing a revival of exploration interest as the upstream oil and gas industry recovers following the 2014 oil price crash. Oil majors such as ExxonMobil and BP have snapped up acreage, while firms that already have a footprint in the region are expanding and announcing new drilling plans. The upsurge in activity will bring a short-term economic boost to the countries concerned but -- as with past waves of exploration -- public expectations of imminent windfalls will have to be carefully managed.
Ports and service companies supporting exploration will see an upturn in activity.
Pressure will grow on national oil companies and government bodies to improve expertise and infrastructure for future discoveries.
Existing licence-holders will face pressure from regional governments to quickly pursue exploration or risk being replaced.
