Analysts at GBI Research predict a surge in offshore drilling expenditure across Africa and the Middle East, climbing from $13.56billion last year to $17billion in 2016.
The cumulative spend over the period may pass $77billion.
Escalating activity in countries relatively new to the offshore drilling industry, such as Sierra Leone and Liberia, may emerge asfuture competition for the more established West Africa producers.
Ghana is expected to become among the top exploration players, with 16 offshore discoveries made between 2008 and 2012 – second only to Angola, where 22 discoveries were made during the same period. For drilling, Angola is expected to remain the biggest spender in the region by some margin, over the next few years at least. GBI Research expects it to hit $6.67billion in 2016. Nigeria and Egypt are forecast to come second and third, with $2.26billion and $1.52billion.
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