Manama, Bahrain, September 29, 2015 --(PR.com
)-- Although exploration has generally slowed there are more nations not generally known for energy reserves on the continent who are conducting seismic surveys during the current drilling downturn. KPC Group are one such company that’s been bucking the trend and are in the process of bidding for various blocks in Gabon.
Gabon, Somalia, the Seychelles, Madagascar and Guinea-Bissau are among some of the countries in the region that used seismic surveys in the past year, Faisal Madhol, KPC Group’s Senior Geophysical Analyst said, “We utilize the most advanced 3–D seismic imaging in our exploration, which enables us to fully understand and subsequently realize what is actually under the surface.” The technique is used before drilling to detect where reserves may be.
In 2014, 11 of the largest 20 oil and gas discoveries were in Africa, though their size has decreased. Exploration has shrunk on the continent overall this year, with Brent crude oil prices dropping 12 percent. The Baker Hughes Rig Count reported 100 rigs in Africa in May, the lowest amount since at least June 2012.
The number of bidding rounds for oil and gas blocks has also declined partially due to the flurry of bidding rounds in the previous couple years and a consolidation of these agreements together with the lower oil prices and lower interest to invest.