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.”
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