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The West African Oil & Gas Market 2013-2023

West Africa oil & gas market: Expenditure to hit $21.3 billion during 2013


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2014-01-23 04:40:02 - The West African Oil & Gas Market 2013-2023 - a new market research report on companiesandmarkets.com

Capital expenditure in the West African oil & gas market is forecast to total $21.30bn in 2013. This includes spending on exploration and production projects, as well as oil & gas infrastructure projects, such as refineries, pipelines, LNG and GTL facilities.The West African oil & gas market is experiencing a period of strong growth, with significant exploration and production activity taking place in the region´s offshore fields. The similarities between the pre-salt reserves in Brazil and West Africa is generating renewed interest in the latter´s oil & gas market, while high oil prices are enticing companies to invest in deepwater E&P. This will lead to substantial growth over the coming decade, creating opportunities for companies involved in the region´s oil

 

 

& gas market. Though plagued by political and security concerns, the West African region possesses considerable oil & gas reserves which have been exploited for a number of decades. The more established Nigerian and Angolan markets will continue to dominate spending, though newer oil & gas producers such as Ghana will see the most impressive growth rates. Oil production will increase in most West African countries over the coming decade, while several nations have the potential to construct major LNG export facilities as global demand for gas continues to rise.

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