Offshore West Africa, emerging oil and gas markets are drawing exploration and development dollars away from established production powerhouses.
Countries that have long dominated offshore production are struggling through a variety of issues while emerging areas tend to offer more appealing fiscal terms to encourage investment, according to a pair of Wood Mackenzie analysts.
There have been some large offshore discoveries in Ivory Coast and Namibia, said Liam Yates, WoodMac’s senior research analyst for Sub-Saharan Africa upstream oil and gas.