Chevron and TotalEnergies are among the oil majors snapping up offshore blocks in West and Southern Africa as compelling geology, regulatory reforms, and the need…
Chevron and TotalEnergies are among the oil majors snapping up offshore blocks in West and Southern Africa as compelling geology, regulatory reforms, and the need to restock spur a hunt for the next Brazil.
Companies are restocking their oil and gas assets given prospects for fossil fuel demand to stay higher for longer than predicted just a few years ago.
"The majors are clearly in something of an acreage reload and have been able to secure large acreage positions," said David Thomson, vice president of Sub-Saharan Upstream at Welligence energy analytics.
With growth in U.S. shale topping out, other regions are drawing fresh attention, including West and South Africa, with Shell, for example, returning to offshore Angola after a 20-year absence.
Of the oil and gas discovered since 2020, some 11%, or about 8.7 billion barrels of oil equivalent (boe), has been found along West Africa, most of it oil, said Justin Cochrane, African upstream regional research director for S&P Global Commodity Insights.
The region holds around 14% of the liquids discovered since then, or some 5.6 billion barrels, he added.
France's TotalEnergies has been the most active international player, last September finalising new production-sharing contracts in Nigeria, Congo Brazzaville and
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