The business intelligence firm’s new research* says that 64 oil and gas discoveries have been made in the continent’s emerging markets over the last five years, the majority of which were made in the East African nations of Uganda, Mozambique and Tanzania.
The number of finds in the area has either increased or matched the previous figure each year during the period 2007-2012, with 13 discoveries alone this year up until August. Such an impressive rate of discovery is in turn drawing greater upstream investment from oil and gas firms looking to capitalize from East Africa’s massive hydrocarbon potential.
At present, Tullow Oil Plc and Total S.A are the leading companies in exploration and production (E&P) in the emerging markets of Africa. UK based Tullow Oil is estimated to have the largest number of exploration blocks in Africa, with 20. The company plans to make Uganda one of the top 50 oil producing countries in the world by investing $10 billion for the development of assets there and has already made 15 oil discoveries.
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Total S.A, on the other hand, is the continent’s hydrocarbon leader in terms of net production and operates in nations including Kenya, Uganda and the Republic of the Congo – the latter producing 123 thousand barrels of oil equivalent per day (Mboe/d) in 2011 alone.
However, despite the realization of Africa’s growing oil and gas wealth, political and economic uncertainties continue to mar the development of Africa’s huge oil and gas wealth progress. Shifting price policies, taxation changes and threats of vandalism by rebel groups are among the major concerns for international oil companies and have even seen Malaysia’s Petroliam Nasional Berhad (Petronas) farm out exploration blocks in Ethiopia to a local company.
This report analyzes oil and gas exploration in emerging African markets and gives information on oil and gas exploration activities in 10 emerging markets in the region.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global business intelligence provider offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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