The scramble for Africa’s oil wealth over the last decade saw the world’s majors compete for the giant prizes on offer, but on the back of soaring prices the continent is again abuzz with an oil boom as independents scout for opportunities in existing and new petroleum provinces.

Oil production on the continent is set to double by the end of the decade and the US will soon be importing 25 per cent of its petroleum from the region, home to 9.4 per cent of the world’s reserves. Over $50 billion will be spent on African oilfields by the end of the decade.
And while the boom is centered on the oil-rich Atlantic waters of the Gulf of Guinea, from Nigeria to Angola, lesser-known areas such as Madagascar, Namibia, Uganda and Mauritania are opening up and attracting independents with deep pockets.
But these independents face challenges, not just from aggressive national oil companies but also from a global shortage of rigs.
Hardman Resources senior geologist Ian Bulley said that rates for semi-submersibles had jumped from around $200,000 per day to nearly $500,000 per day.
UAE’s Al Thani, Austria’s OMV, Australia’s Woodside and UK independent Tullow Oil are among the companies looking to boost their production in Africa.
Smaller African players have also raised their game so they do not miss out on regional development.