Regulations, local content requirements and cost inflation are still causing delays in oil field developments. The number of development projects is trending down. Deepwater exploration activity remains dynamic but is increasingly impeded by financial constraints. Ailing small independents must farm-out or risk losing licenses whilst an underdeveloped African credit market restrains local oil companies. However, oil majors usually select farm-in proposals only at the development stage. Fresh capital influx would bring progress but many local players remain excluded.