The 5 Hottest African Venues for Major Discovery Upside#1...

The 5 Hottest African Venues for Major Discovery Upside

#1 Namibia

Namibia is by far the best, most underexplored venue on the continent. Only six wells have been drilled in half a century—most of them in just the past four years.

But Andrew Sekandi, an investment advisor at Alpha Sierra in London, believes the country’s geological offerings are analogous to the amazingly prolific pre-salt fields offshore Brazil, which has up to 16 billion barrels of crude reserves.

That’s why Exxon (NYSE:XOM) has been scooping up offshore acreage here. It already owned 2.8 million gross acres offshore, and in April move to acquire an additional 7 million net acres in four deepwater blocks, with exploration to begin by the end of this year.

Exxon is gunning for what it believes will be an “elephant find”.

https://finance.yahoo.com/news/no-1-oil-hotspot-2020-010000377.html