Between 2007 and 2011, a total of $63.5 billion was spent on offshore drilling in the Middle East and Africa region. As a result of increased exploration activities in offshore Middle East and Africa, total offshore drilling expenditure for the region between 2012 and 2016 is expected to reach $77.3 billion, a 21.7% increase over the previous five year period.
The growth of drilling expenditure is expected to spread to all major countries in the region, with countries in West Africa leading in terms of exploration activity. Increased drilling activities in countries such as Sierra Leone, and Liberia will see the emergence of relatively new players competing with seasoned veteran countries in West Africa such as Angola and Nigeria.
Following a number of large discoveries, countries in East Africa such as Tanzania, Mozambique and Kenya are also driving operator activity. In the Middle East region, the development of the Manifa, Arabiyah and Hasban fields in the Kingdom of Saudi Arabia, South Pars in Iran and North Dome in Qatar will result in increased drilling activity over coming years.