What You Should Know: By the end of the second quarter of 2020, data from drill bits may tell us whether or not the world has found the next Eagle Ford, and it’s all going down in Africa.
To hear mainstream media tell it, you would think that the oil and gas era is coming to an end. That assertion, however, could not be further from the truth. The world’s thirst for oil is set to keep soaring with oil demand growth not likely to peak over the next two decades as economies in the developing countries continue to expand.
Over the past five years, we have seen far less exploration and discovery of oil than what we are consuming. In other words, the world still needs new oil. Existing fields are declining at 3-4% per year.
The new oil that’s coming online offshore Guyana, Brazil and Norway this year will help to close that gap somewhat.
That calls for the African continent to step up to the plate, and also bring to the world’s attention a country that has never before produced oil: Namibia.
Exploring Africa one step at a time.