War with Iran could accelerate Africa’s oil revival
Favourable geology and new technologies make it an attractive place to drill
As global oil markets convulse with each new development in the Iran war, producers are weighing up the lasting ramifications of the conflict. One thing is certain: alternatives to the Middle East’s abundant hydrocarbons will remain in high demand. But where to find them?
Western oil giants were already grappling with declining reserves. After oil prices plunged in 2015, the supermajors slashed their exploration budgets, pulling back in particular from the global south; annual discoveries have fallen significantly as a result. In the past few years, however, the supermajors have again been venturing out. Many have been exploring eastern Latin America, lured there by ExxonMobil’s enormous discovery off the coast of Guyana. Before the war, the Middle East had likewise seen greater interest from giants such as TotalEnergies.
This article appeared in the Business section of the print edition under the headline “Into the deep”
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