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Ghana is Set to Emerge as a Significant Crude Oil Exporter from West Africa

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Oil Market in Africa to 2015

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Oil market in africa to 2015 offshore finds transforming africa into a major oil producing region l.jpg

Oil Market in Africa to 2015 - Offshore Finds Transforming Africa into a Major Oil Producing Region


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Ghana is Set to Emerge as a Significant Crude Oil Exporter from West Africa

Since the discovery of the giant Jubilee field in 2007, Ghana has emerged as a lucrative area for oil exploration and production. Following the discovery, Tullow Oil and its partners have drilled a number of successful exploration and appraisal wells in the country. Tullow Oil recently announced a new offshore discovery (Owo), making it the company’s third major field in the country after Jubilee and Tweneboa.

The first oil from Jubilee field started in December 2010, establishing Ghana as a significant oil producing nation. Following a period of testing, production will gradually increase over approximately six months to plateau at 120,000 barrels of oil per day (bopd). The field will also produce approximately 12 million cubic feet per day (MMcfd) of natural gas.

The continued success of exploration activities in the country promises Ghana’s emergence as a key oil exporting country in West Africa.

East Africa, possibility of new oil reserves

East Africa has significant oil and gas prospects to become a leading oil and gas producer in the future. Oil and gas exploration and production activities are


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increasing in East Africa with significant players such as Anadarko, Eni and Petrobras, all planning to develop their reserves in the region to meet the increasing oil and gas demand globally. Moreover, the increased oil and gas exploration and production can serve the continent’s domestic demand. The continent’s oil demand is expected to increase by around 40%, to around 4.3 million barrels per day (MMbbl/d) in 2020 from approximately 3 MMbbl/d in 2008. This leads to an annual growth rate of 3%.The increased East African oil and gas production can also support the increased energy demand in West and Central Africa, which is expected to increase by 60% till 2020. In South and North Africa, the increase could be around 57% and 22% respectively.

For further details, please click or add the below link to your browser:

http://gbiresearch.com/Report.aspx?ID=Oil-Market-in-Africa-to-2015-Offshore-Finds-Transforming-Africa-into-a-Major-Oil-Producing-Region&ReportType=Industry_Report&coreindustry=ALL&Title=Oil_~_Gas

East Africa’s geological conditions support the possibility of abundant oil and gas reserves in the region. Oil was assumed to be present beneath parts of East Africa, as far back as the late 19th century, with the finding of thick, greasy sediment on the shores of Mozambique. Moreover, various seismic studies have revealed that countries up the coast of East Africa have vast natural gas


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resources as well as massive offshore oil deposits. There is a fault line running

from Somalia to Madagascar known as the Davie Fracture Zone. According to seismic analysis, it is proposed that there is a huge presence of oil deposits in this region, similar to those of the North Sea or Middle East. North Africa has witnessed 20,000 wells drilled over the past few decades, while about 14,000

wells have been drilled in and off West Africa. In East Africa, about 500 wells have been drilled.

West Africa, emerging region for offshore oil production

The major offshore oil and gas fields in the Africa are: the Agbami oil field located on the offshore of the Niger River Delta;Abo, Nigeria's first deepwater oil field, located in the southeastern part of Oil Mining Lease;the Erha and Erha North project, located roughly 60 miles offshore Nigeria and the Bonga field located 75 miles offshore Nigeria in Oil Prospecting License 212. Other major offshore fields are located in Angola, Egypt and Libya.

In recent years, there has been an increasing trend towards deep and ultra deepwater exploration. With the decline in the available resources in the onshore areas, there has been a marked shift towards increased offshore exploration. Initially, the offshore exploration was mainly in shallow waters. However, in recent years, with the near complete exploitation of the shallow water resources worldwide, companies have begun drilling deeper in the oceans.


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There have been huge deepwater discoveries in various regions of Nigeria and Angola. As offshore natural gas production is expected to increase in the region, shallow water activity is expected to increase. However, shallow water operations are more likely to be affected by the economic downturn than the deep water areas, since the lease arrangements for the deepwater areas are typically longer and projects take more time to develop. Another major factor promoting the increased activity in the deep and ultra deep waters has been the advancement of technology.

GBI Research’s new report, “Oil Market in Africa to 2015 - Offshore Finds Transforming Africa into a Major Oil Producing Region”, provides an in-depth analysis of the crude oil Market outlook in Africa and highlights the various concerns, shifting trends and concerns in the region. The report provides forecasts for the Exploration and production, Storage industry, Pipeline and Refining of crude oil industry to 2015. The report also provides forecasts of the crude oil market in Africa and highlights the major countries in the region. The report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Research’s team of industry experts.


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For further details, please click or add the below link to your browser:

http://gbiresearch.com/Report.aspx?ID=Oil-Market-in-Africa-to-2015-Offshore-Finds-Transforming-Africa-into-a-Major-Oil-Producing-Region&ReportType=Industry_Report&coreindustry=ALL&Title=Oil_~_Gas

Visit our report store: http://www.gbiresearch.com

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