Discovering new resources is essential for oil firms to grow and to offset natural decline of fields. But deepwater exploration requires money, time, expertise and luck. Bolstered by the current glut of low-cost E&P assets, many operators are eyeing offshore Africa with renewed interest.
Currently ExxonMobil, BP, Chevron, Shell and Total are among the biggest players in the region; however, a rising crop of independents are emerging.
“Over the past decade much of the focus in West Africa has been on the turbidite system along the region from Morocco to the Transfer Margin,” said Oryx Petroleum CEO Vance Querio. “This play has been less successful in West Africa than on the other side of the Atlantic Ocean. The recent discoveries in Senegal, including the SNE discovery in Sangomar, have opened a new play type in the Albian clastic system.