Multiple opportunities are encouraging the oil industry back to the proved basins of West Africa, says Gaffney, Cline & Associates, Dallas international petroleum consulting firm.
Improvements in petroleum legislation, large discoveries, and greater access to prospective basins and well data have brought in many companies new to the region and rejuvenated the efforts of the long term players.
At least 359 oil and gas discoveries lie undeveloped in the main West African producing nations.
Three fourths of the discoveries are oil, and more than two thirds are offshore, mainly in easily accessible coastal waters.
It is ironic that African gas reserves are estimated at 100 tcf yet production is negligible, the company said.
Nigeria dominates in the number of discoveries, but half are in Angola, Gabon, Congo, and Cameroon.
All countries except Cameroon show major recent reserves and production growth, and recent amendments to Cameroon legislation are stimulating interest in open Douala basin acreage.
Exploration success rates are still outstripping field developments off northern Angola, so production there will continue to increase.
Congo's production has more than doubled in the last 10 years to 150,000 b/d and should maintain this pace following recent announcements of development plans for some of its 26 undeveloped discoveries.
Zaire and Cote d'lvoire offer large areas of remote jungle, deepwater basins, and more accessible coastal regions.
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