Nigeria has emerged as the largest oil drilling market in sub-Saharan Africa this year, on par with Angola, according to a recent report by Hawilti and the Caverton Offshore Support Group.
The process of oil drilling involves extracting oil by drilling wells through the Earth’s crust to access fossil fuel reserves.
Nigeria and Angola have confirmed eight offshore drilling campaigns, positioning them as key players in the region. However, Angola is expected to maintain higher activity levels due to the confirmation of drilling campaigns until the latter half of 2024, supporting exploratory, infill, and development drilling efforts.
Nigeria, previously displaced as a top African oil producer due to issues like crude theft and pipeline vandalism, is now displaying signs of recovery, as indicated by monthly oil production figures released by the Organisation of Petroleum Exporting Countries (OPEC).
So far this year, a total of 38 drilling rigs have been contracted for offshore sub-Saharan Africa. This marks an increase in activity compared to 2022 and early 2023.
The report highlights the significance of new drilling contracts awarded across established and emerging markets since January, suggesting that 2023 could be one of the most active years for offshore drilling in Africa over the past decade.
As the oil drilling sector in sub-Saharan Africa gains momentum, industry experts are eagerly observing the outcomes of ongoing campaigns while looking forward to the commencement of new drilling initiatives.
Source: BusinessInsider