Oil majors snap up West African blocks in hunt for next Brazil

Core Viewpoint - Major oil companies, including Chevron and TotalEnergies, are actively acquiring offshore blocks in West and Southern Africa due to favorable geology, regulatory reforms, and the necessity to replenish reserves [1] Group 1: Industry Trends - The oil sector is experiencing a resurgence in interest for offshore exploration, driven by the need for new resources and improved regulatory environments [1] - Regulatory reforms in the region are making it more attractive for companies to invest in offshore oil blocks [1] Group 2: Company Actions - Chevron and TotalEnergies are leading the charge in acquiring new offshore blocks, indicating a strategic shift towards expanding their exploration portfolios [1] - The acquisitions are part of a broader strategy to restock reserves, which is critical for maintaining production levels in the face of declining output from existing fields [1]