Independent firms are spearheading a wave of strategic initiatives to amplify production levels and rejuvenate existing assets in Africa’s mature oil markets.
As revealed during last week’s Upstream E&P Forum at the African Energy Week: Invest in African Energies 2024 conference in Cape Town last week, independent operators are embracing incremental exploration and cutting-edge technologies as they move to reshape the energy landscape across countries like Angola, Equatorial Guinea and Gabon.
In Gabon, Perenco has launched a groundbreaking appraisal drilling venture near the lucrative Hylia South West discovery where it is targeting to unearth new reservoirs and gauge oil volumes.
Concurrently, Trident Energy has embarked on a dynamic three-well infill drilling campaign on Block G, home to the esteemed Ceiba and Okume fields off the coast of Equatorial Guinea.
Perenco SA chief executive Armel Simondin noted the pivotal role of innovation and purpose-driven technology in shaping their operational strategy.
“Technology is key in extending the life of the field,” Simondin told delegates to the side event.
Despite facing capacity constraints, ageing infrastructure and heightened operational downtime, operators like Tullow Oil are implementing robust cost-control mechanisms and strategic infrastructure upgrades to mitigate these challenges.
Tullow Oil chief executive Rahul Dhir emphasized the importance of such investments, citing high exploration success rates in mature markets like his company’s flagship Jubilee Field in Ghana.
Panelists at the forum, however, stressed the critical role of regulatory stability and tailored contractual frameworks in effectively managing mature oil reservoirs.
JN/APA