Offshore Drilling Industry in Middle East and Africa to 2016 – Pre-Salt Potential in West Africa

LONDON - March 21, 2013 - PRLog -- An increase in offshore discoveries is prompting a surge in exploration activity across the

Middle East and Africa and driving up the amount spent on drilling, states the latest report form business intelligence firm GBI Research.

The company’s latest oil and gas report* forecasts offshore drilling expenditure across the region to climb steadily from US$13.56 billion in 2012 to US$17.03 billion in 2016.

Cumulatively, the total spend of this five year period reached US$77.3 billion, which represents an increase of approximately 22% over 2007-2011 total of US$63.5 billion.

Drilling outlay is expected to grow across all major nations in the region, with those in West Africa leading in terms of exploration activity. Escalating activity in countries relatively new to the offshore drilling industry, such as Sierra Leone and Liberia, may prove to be future competition for the more established nations of West Africa.

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Ghana is expected to emerge as one of the most prominent countries in West Africa for the exploration of oil and gas, with 16 offshore discoveries made between 2008 and 2012 – second only to Angola, where 22 discoveries were made during the same period.

In terms of drilling expenditure, Angola is expected to remain the biggest spender in the region by some margin, over the next few years at least. GBI Research expects drilling expenditure in the Southern African country to continue climbing in the near future, hitting US$6.67 billion in 2016. Nigeria and Egypt are forecast to place second and third, with totals of US$2.26 billion and US$1.52 billion, respectively.

This report provides an in-depth analysis of the offshore drilling market in the Middle East and Africa region and highlights the various concerns, shifting trends and major players 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 GBI Research’s team of industry experts.

GBI Research is a market-leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key industry leaders to ensure you stay up-to-date with the latest emerging trends in your markets.

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