Leading international geophysical and drilling contractors join the African Energy Chamber to discuss African Exploration opportunities
The discussion will be centred on opportunities for companies involved in oil and gas exploration in Africa and operations in a post COVID-19 environment; panellists include Chuks Enwereji, Chairman, International Association of Drilling Contractors (IADC) Nigeria Chapter; Chijioke Akwukwuma, Managing Director, ODENL; Ross Compton, EAME Consultant, International Association of Geophysical Contractors (IAGC); Wole Oyetoran, Country Manager, PGS Nigeria; John Scott, Vice President, Western Hemisphere, Polarcus and Chichi Emenike, Head, Gas Ventures, Neconde Energy Limited; the webinar will be moderated by Verner Ayukegba, SVP of the African Energy Chamber the webinar will be held on 29 September at 15:00 – 16:30 CET/SAST.
The oil and gas industry globally is currently going through a period of transition, during which the industry is re-adjusting itself to operate in a post COVID-19 environment with oil prices likely to stabilise between USD 35-50 Barrels per day. Despite these challenges, drilling activity in Africa according to African Energy Chamber projections is expected to drop in 2021 only slightly from projected 2020 levels. A total number of 800 wells are expected to be drilled this year, with that number expected to drop only slightly below 800 in 2021. These numbers, however, represent a drop of over 25 percent compared to 2019.
Similarly, capital expenditure is also expected to reduce by over 25% between 2019 and 2021. An estimated USD 28 Billion is expected to be spent on upstream capital expenditure projects in 2021, with over USD 10 billion of that dedicated to field development projects. This continues to present significant opportunities for companies involved in the upstream value chain like drilling and geophysical contractors. “Those service providers, that are able to adapt to the new market conditions by implementing effective cost control solutions and streamlining processes, especially with the help of technology will thrive and grow at the expense of those companies that are slow to adapt to the new market realities,” said Verner Ayukegba SVP at the African Energy Chamber.
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