With over 125 billion barrels of proven crude oil reserves and 600 trillion cubic feet (tcf) of natural gas, Africa’s exploration and production landscape has seen an uptick in investor interest, as stakeholders move to unlock the full potential of the continent’s hydrocarbons.
The continued growth in greenfield and brownfield investment across the continent, coupled with the increase in oil and gas demand at global scale, is set to significantly increase the demand for rigs across Africa’s hydrocarbon sector between 2022-2025, according to the African Energy Chamber’s ‘State of African Energy: 2023 Outlook’.
