West Africa's large deepwater reserves have particular strategic attraction to both US oil majors and the US administration as a strategic alternative to Middle Eastern reserves. At a local level, much of the activity of Houston oil company offices is focused on West African field developments. Over the past 5 years similar levels of offshore oil and gas reserves have been brought onstream in North America and Africa. However, the picture is about to change dramatically, and West Africa is forecast to power ahead. In this article energy analyst Douglas-Westwood and offshore data specialists Infield Systems compare West Africa and North America both in terms of the reserve prospects and likely levels of capital expenditure in key sectors. The Infield database shows that over the past 5 years reserves of about 1.5 billion boe (bbl of oil and gas equivalent) have been brought onstream each year off North America, with most of this being in the Gulf of Mexico. Considering future prospects under consideration for development in the period to 2007, this annual average rises to 2.2 billion boe. Africa exhibits a very different reserve development trend, because it is at a much earlier stage in its development cycle. The outlook is for continuing growth from 3 billion boe coming onstream in 2003 to 9 billion in 2007 if all projects currently being talking about, such as Akpo, Agbami, and Nnwa, proceed. With some 17 billion boe slated in 250 prospective offshore fields, Africa now accounts for 16 % of all reserve prospects listed on the Infield database for the period 2003 to 2007. It is of note that prospects for the region now exeed western Europe, which has 12 % of the world total, including giant Ormen Lange field in the Norwegian Sea. North America trails with 7 % at this writing.


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    Title :

    Deep water: How West Africa compares with Gulf of Mexico


    Additional title:

    Tiefsee-Erdöl- und Erdgasfelder: Ein Vergleich von Westafrika mit dem Golf von Mexiko


    Contributors:
    Knight, R. (author) / Robertson, S. (author) / Harbinson, D. (author)

    Published in:

    Oil and Gas Journal ; 101 , 18 ; 42-49


    Publication date :

    2003


    Size :

    5 Seiten, 5 Bilder, 2 Tabellen



    Type of media :

    Article (Journal)


    Type of material :

    Print


    Language :

    English




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