Major drilling contractors forecast continental boom through 2029 as long-dormant projects awaken
Africa is experiencing a dramatic resurgence in deepwater drilling activity, with two of the world’s largest offshore drilling contractors forecasting significantly higher rig utilization across the continent between now and 2029.
The region that once lagged behind South America and the Gulf of Mexico in deepwater development is now “the most active area for future floater operations,” according to drilling giant Valaris. Its competitor Transocean noted: “The last piece of the golden triangle has now been woken up.”
Ghana and Côte d’Ivoire are expected to welcome deepwater rigs by early 2026, while Nigeria has seen major contract awards from Shell in recent months, with ExxonMobil and Chevron expected to bring in additional rigs by early 2027.
The contractors identified ten long-term deepwater drilling programs scheduled to start between 2026 and 2027 across Nigeria, Côte d’Ivoire, and Mozambique. Namibia’s Venus field development alone “could generate six to eight rig years of work,” with drilling expected to commence in late 2027.
Despite recent oil price volatility and “broad market uncertainty,” both companies remain confident that these long-term projects will proceed as planned, signaling Africa’s return to prominence in global deepwater exploration.
Source: africaoilgasreport.com
