One clear theme that has emerged from recent exploration and production (E&P) activity in Africa is that oil company capital expenditure is no longer dominated by the established giants such as Angola and Nigeria. Investment will be spread across a variety of plays – among them Senegal, Namibia and even Uganda, where there are plans for a major new export pipeline to Tanzania.
Following in neighbouring Namibia’s slipstream, South Africa is another new hydrocarbons province catching IOC attention. Africa Oil Corp, operator of block 3B/4B, is partnering with Eco Atlantic Oil & Gas and Ricocure on reprocessing 3D seismic data and preparing for a two-well drilling campaign this year. And in Zimbabwe the Australian independent Invictus Energy has identified 13 potential hydrocarbon-bearing zones, with drilling planned for later this year.
Sierra Leone is another exciting new play where the geology is similar to that of Guyana. London-listed independent oil company Wildcat Petroleum recently completed its own assessment of the potential of Sierra Leone’s offshore blocks. TGS, which is working on the licensing round, suggests that “studies of the extensive seismic coverage in the area indicate potential multibillion-barrel prospects, presenting an exceptional exploration opportunity.”
Wildcat Petroleum plc (LON:WCAT) was incorporated in early 2020, with plans to work and invest in the upstream sector of the petroleum industry – namely exploration, appraisal, development and production of oil and gas.