Sub-Saharan Africa upstream: 2019 in review
Production is up by 4% as two mega projects in Nigeria and Angola ramp up, offsetting declining production from mature assets. Selective drilling has paid off for explorers, quadrupling discovered resources with 12% fewer exploration wells. Project sanctions are up by US$20 billion with the focus on LNG. Total set a regional record following a US$8.8 billion deal with Occidental. Total also leads the way with capital investment, operating the top four projects by spend in 2019. Gabon, Cameroon and Kenya released new fiscal terms to attract investment. Nigeria bucked the trend by toughening its deepwater PSC terms. Our review of 2019 provides key statistics for the year in Sub-Saharan Africa, including investment trends, M&A, exploration, project sanctions and production.