The global high-impact well (HIW) drilling market is witnessing a significant shift, with Africa emerging as a dominant player in 2024, as highlighted by a recent report from Rystad Energy. With projections indicating 13 out of the 36 anticipated HIW drilling campaigns to be conducted in Africa this year, the continent is poised to reshape the dynamics of oil and gas exploration.

A notable trend in Africa's HIW drilling landscape is the emphasis on frontier and emerging basins, which are expected to account for up to 70% of the wells drilled. These include promising regions such as the Red Sea Basin in Egypt, the Angoche Basin in Mozambique, and the Namibe Basin in Angola. Major industry players like bp, Chevron, Eni, Shell, and TotalEnergies are set to lead the charge in these ventures.

Taiyab Zain Shariff, Vice President of Upstream Research at Rystad Energy, highlights the evolving strategies of drillers in response to market dynamics. "Companies are deprioritizing any short-term pay-off in favor of multi-year plans and focusing on wells that best fit their long-term vision," Shariff notes, reflecting a strategic shift towards sustainable exploration practices.

While the previous year witnessed approximately 27 HIW drilling campaigns globally, yielding eight commercial discoveries, 2024 holds promise for a better success rate. Despite a decline in discovered volumes compared to 2022, the industry remains optimistic about the upcoming year's prospects, driven by refined exploration strategies and targeted investments.

Beyond Africa, other regions also feature prominently in the HIW drilling landscape for 2024. Latin America is expected to undertake 10 HIW campaigns, while Asia and the Middle East will drill six and two wells, respectively. Europe and North America are also anticipated to contribute to the global drilling activity with two HIW campaigns each.

As Africa takes center stage in the HIW drilling arena, the industry braces for a transformative period characterized by strategic investments, innovative exploration approaches, and the quest for sustainable energy solutions. With Africa's burgeoning potential and the collective efforts of industry stakeholders, the future of oil and gas exploration holds promising prospects on the continent and beyond.

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