With over 125 billion barrels of crude oil reserves and 620 trillion cubic feet of natural gas – estimates that are expected to further increase as multi-year exploration campaigns yield new discoveries – Africa is well-positioned to usher in long-term and sustainable economic growth on the back of hydrocarbon development.
It took less than 20 years for Somoil to become one of Angola’s largest private oil companies, but the company is hardly resting on its laurels.
Africa’s oil and gas industry is going to breathe new life into many African economies and will create new opportunities for every many Africans in 2023.
Africa’s capability has grasped the world’s attention in recent times as conflict in Eastern Europe and rising energy costs have highlighted the globe’s precarious energy position.
Several African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise.
The war in Ukraine has renewed European interest in investing in African oil and gas projects, according to a report from Reuters
Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.
The oil and gas industry faced a tough year in 2021. According to The State of African Energy 2022 this was a result of a drop in global demand, which resulted in a fall in oil prices.
The time for oil and gas in Africa is just beginning, as hydrocarbons provide the best solution for Africa’s energy development and transition