Nigeria Offshore Drilling Expenditure Surges

Offshore drilling expenditure in Nigeria, Africa’s leading oil producer, will hit $2.26 billion in 2016, according to the latest report from GBI Research, a business intelligence firm sourced by this 'BusinessDay' news item.

The report which provides forecasts for the offshore drilling industry in the Middle-East and Africa region up to 2016, indicates that Nigeria’s drilling expenditure at $2.26 billion, would be second in the region after Angola, followed by Egypt with total of $1.52 billion.

Drilling outlay is expected to grow across all major nations in the region, with those in West Africa leading in terms of exploration activity. Escalating activity in countries relatively new to the offshore drilling industry, such as Sierra Leone and Liberia, may prove to be future competition for the more established nations of West Africa, according to BusinessDay.

Source: BusinesDay