Oil companies invest heavily in deepwater exploration following major discoveries in Namibia and Guyana

Deepwater oil exploration is gaining momentum, driven by significant discoveries in Namibia and Guyana. Major oil companies are focusing on these areas, with potential resources estimated in the hundreds of billions of dollars, despite previous investor hesitance. ExxonMobil's success in Guyana has set a precedent, with the country expected to produce 1.3 million barrels daily by 2037. Other companies, including Shell and TotalEnergies, are also making promising discoveries in Namibia, which could elevate the country to a top oil producer in Africa. Investment in deepwater exploration is projected to reach $104 billion this year, with expectations for continued growth. Companies are expanding their activities to other regions, including South Africa and Cote D’Ivoire, as offshore oil becomes increasingly attractive to investors.