Recent deepwater oil discoveries off the Namibian coast have ignited significant excitement within the industry, according to Wood Mackenzie s Upstream Research Director Ian Thom.
The African upstream oil and gas sector is currently undergoing an $800 billion capital expenditure (capex), as reported by Wood Mackenzie. The organisation is projecting liquefied natural gas (LNG) as a significant investment theme alongside traditional deepwater oil exploration.
This 20-year investment cycle, which began in 2010, is anticipated to end with major LNG projects in Mozambique and floating LNG (FLNG) initiatives spanning five African nations.