Oil Economy Focus Rapid Review
Oil drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources. There are plenty of signs of a recovery… Rigs working in waters off Africa have increased to the highest in two years, according to Baker Hughes data, and Rystad Energy expects 30 offshore exploration wells to be drilled this year compared with 17 last year. The prize could be significant. There’s a high probability that there’s at least 41 billion barrels of oil and 319 trillion cubic feet of gas yet to be discovered in sub-Saharan Africa, according to a 2016 U.S Geological Survey report.
LINK TO THE SOURCE ARTICLE: Africa in oil-hunt spotlight
