African Oil Hunt Returns as Majors Seek to Tap Vast Reserves
- Rigs drilling in Africa’s waters have hit a two-year high
- Companies including Exxon, Shell, BP have accumulated acreages
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Africa is entering the oil-hunt spotlight as drillers, flush with cash after crude’s recovery, are turning their attention back to the continent’s potentially vast resources.
The world’s biggest companies from Exxon Mobil Corp. to Royal Dutch Shell Plc and BP Plc are setting up camp across Africa. Armed with stronger balance sheets and higher crude prices the industry is on track to double drilling in African waters this year. Rising natural gas demand is adding to the attraction.