September 24, 2017

Over $100 bn investment in brownfield oil and gas projects expected in Sub -Saharan Africa – expert

In the coming years, there will be more brownfield than greenfield projects in the sub-Saharan African oil and gas industry, predicts metals and mining research and consultancy group, Wood Mackenzie.

The trend will cause the result in the slump of capital investment by at least $100 billion, says the body’s senior research manager for Southern Africa, Femi Oso.

Exploration cuts in the region will also contribute to a longer-term production slump as explorers have shied away from greenfield prospects, in favour of appraising known discoveries.

“However, the confirmation of the giant Owowo discovery in deepwater Nigeria shows the quality of resources Sub-Saharan Africa still has to offer.”

Sourced from Hellenic Shipping News

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