Business Outlook for Oil Field Services Industry in Africa.

The Africa oil field services market is expected to grow at a CAGR of over 2% during the forecast period of 2020 – 2025. Factors such as increasing exploration and production activities due to increasing crude oil and natural gas demand are likely to drive the Africa oilfield services market during the forecast period. However, volatile oil and gas prices are leading to the uncertainty among oil and gas operators, which is likely to restrain the growth of the Africa oilfield services market in the coming years. Nigeria is expected to dominate the market, owing to the increased exploration activity in the country to compensate for declining fields elsewhere, and recent oil discoveries.