The crude oil production from West African countries is expected to increase from 1935.90 in 2018 to 3006.24 thousand barrels per day in 2024.
Major factors driving the market are strong economic growth and increasing oil and natural gas production in the major countries, such as Nigeria and Ghana.
Therefore, militant activities that hamper the oil and gas infrastructure is anticipated to restrain the West African upstream market during the forecast period.- Africa's offshore exploration and production activities are expected to dominate the market, mainly due to their relative insulation from vandalism as these sites are comparatively less accessible for the terrorist as well as the vandalism groups in the region.- The recent offshore discovery of oil and gas in Senegal showcase the potential of West African offshore region which is largely untapped.
Also, there are several other offshore discoveries recorded in the region, which is expected to create a lucrative opportunity for oil & gas upstream companies to invest in this region.- Nigeria dominated the market due to a large number of upstream projects coming up in the country as the operators started gaining confidence with the advent of oil price recovery and kickstarted few projects.Access the PDF sample of the report @ https://www.orbisresearch.com/contacts/request-sample/3587485Key Market TrendsOffshore Sector - Potential Market- The onshore sector in West Africa region is prone to terrorist activities than the offshore sector, which makes investors to focus on the offshore market, as a result of which, numerous offshore project and discoveries came up, and the onshore sector remains undiscovered.- Africa's offshore oil and gas industry continues to expand, albeit not very fast, opening up more market opportunities.
Africa's offshore deep and ultra-deep space has continued to attract oil explorers and producers in increasing their operations, especially in Southern and Western Africa, where major projects have either started or have been unveiled, awaiting resource appraisal and development.- The growth of Africa's offshore exploration and production activities has been mainly driven by the efforts of governments in their region, to provide key incentives and supporting policies to unlock the investment opportunity, as well as a growing list of international oil and gas companies interested in exploring alternative fields to replace the maturing offshore producing sites in countries, such as Nigeria and Ghana.- As the region’s newest oil and gas producer, Ghana has seen the highest growth in oil production in 2018 among its peers.
This contributed to the growth in offshore exploration activities in the country.- China National Offshore Oil Corporation has mobilized a USD 3 billion investment, in addition to the USD 14 billion already spent on its existing oil and gas operations in the West African country.