West Africa Platform Supply Vessels Market

West Africa Platform Supply Vessels Market Analysis

The West Africa Platform Supply Vessel Market is expected to register a CAGR of greater than 1.5% during the forecast period.

• Increasing upstream activities in the offshore oil & gas sector are likely to drive the market during the study period.
• West Africa's offshore region is expected to hold more than five thousand million barrels of crude oil and condensate. With the government's focus to increase crude oil production, the platform support vessel providers have the opportunity to offer their service for exploration and production activities in the near future.
• With active participation in crude oil & natural gas exploration and production, Nigeria is expected to dominate the region during the study period.

West Africa Platform Supply Vessels Market Trends

Upcoming Upstream Activities are Likely to Drive the Market

• With the growing demand for crude in international markets like Asia-Pacific, West African countries like Nigeria have significantly increased their oil and gas activities in the offshore region. In 2019, Nigeria has completed wells of around 100, an increase of 19 wells from the previous year.
• Nigeria in May 2021 concluded an agreement to invest nearly USD 10 billion for deep-water oil exploration. The Nigerian National Petroleum Corp. with Royal Dutch Shell Plc, Exxon Mobil Corp., Total SA, and Eni SpA is likely to create a new production sharing contract for Oil Mining Lease 118.
• To develop its offshore oil & gas sector, countries like Ghana are likely to borrow USD 1.7 billion to accelerate oil and gas exploration by acquiring and developing assets.
• Further, Senegal has a few upcoming projects like a development project in the Sangomar field. By 2023, the first phase of the project is targeting to produce 230 million barrels of crude oil.
• Hence, with such upcoming projects, the region is likely to drive the market studied during the forecast period.

Nigeria is Likely to Dominate the Market

• Nigeria is the leading country in the region for oil & gas production. In 2020, Nigeria had the highest crude oil production of around 1798 thousand barrels per day. Moreover, it had a gas production of around a 49.4billion cubic meters.
• With a target of increasing its crude oil reserves up to 40billion barrels by 2025, the country is likely to increase its exploration and production activities in both onshore and offshore locations.
• The country has a few upcoming offshore projects, like the offshore development work on Etan & Zabazaba oilfields in the deepwater OPL 245 block. Hence, such a project would create demand for PSV in the West African region.
• Further, the country has proven reserves of around 36.9 thousand million barrels of crude oil, and 5.5 trillion cubic meters in 2020. The reserves, along with upcoming investments and targets, are expected to have a positive outlook for the PSV market in Nigeria, thus making it dominant in the region during the study period.

West Africa Platform Supply Vessels Industry Overview

The West Africa platform supply vessel (PSV) market is consolidated. The key players in the market include Team Offshore Nigeria Limited, Petromarine Nigeria Limited, Aquashield Oil & Marine Services Limited, and GE Offshore Marine Services S.L among others.

West Africa Platform Supply Vessels Market Leaders

West Africa Platform Supply Vessels Market News

• In September 2021, Norwegian offshore vessel owner Solstad Offshore secured contracts for seven platform supply vessels in West Africa. The total firm duration of the contracts is approximately 1,000 vessel days, starting from the fourth quarter of 2021.