Spending on conventional oil and gas exploration is on the rise and is set to top $50 billion this year, led by offshore investments, however, discovery volumes are falling to new lows, despite the rising investments. This is according to Rystad Energy, a Norway-based energy industry intelligence group.
The 92km Hoima-Kaiso-Tonya road straightens, then snakes around the escarpments of the great Albertine rift valley before halting at the onshore Kingfisher oil field at the parallels of Lake Albert in mid-western Uganda.
From 2022 to 2030, Offshore Drilling Rigs Market is anticipated to expand at a CAGR of 6.63%. Within the projection period, the Offshore Drilling Rigs Industry Revenue is anticipated to increase to USD 147.7 Billion.