Africa Enjoys Oil Boom as Drilling Spreads Across Continent (Bloomberg)

Africa is finally seeing the benefits from the recovery in crude prices as companies ramp up drilling from Algeria to Namibia.

The rigs are returning and wildcatters are getting excited again after a years-long hiatus during the oil-price slump. From majors like Total SA to independents like Tullow Oil Plc, companies are snapping up exploration rights and doing deals.

“When you go for business development, trying to acquire licenses or make partnerships in West Africa, you can sense the competition,” Gilbert Yevi, senior vice president of exploration and production for Sasol Ltd., said in an interview in Cape Town. “It’s like a new California gold rush.”

Similar Posts:

• Africa’s Smaller Stock Markets Plan to Join Forces (Yahoo! Finance)
• Africa’s Oil & Gas Scene After the Boom: What Lies Ahead (Oxford Energy Forum)
• Frontier Markets Post-pandemic (Capital Group)
• Africa’s Consumer Market Potential: Trends, Drivers, Opportunities and Strategies (Brookings Institution)
• China’s Gung-ho Foray Into Africa Gets a Reality Check (Bloomberg)
• 2017 Global Retail Development Index (ATKearney)
• Quarterly Frontier Markets Recap – 2Q22 (Fitch)
• YPO CEO Survey: Africa CEO Confidence at 5-year Low (YPO)
• Investors Exit Africa for Other Frontier Markets (WSJ)
• Moody’s Downgrades South Africa Banks, Insurance Companies and Others (Moody’s)
• Moody’s Downgrades Four African Nations
• How Africa’s Free-Trade Zone Will Provide an Economic Boom (WEF)
• Namibia Sees Opportunity in South Africa Unrest (BusinessReport)
• South African Gold Mines “Would Not Weather Strike” (BusinessDay)
• 8 of 10 Fastest Growing Markets are Frontier Markets (Mobius Blog)