Browsing: Africa Energy chamber

African oil and gas industry | global energy transition

Africa’s oil and gas industry looks flat in the final quarter of 2023. That is, as AEC details in its newly released 2024 African Energy Outlook, capital expenditure (CAPEX) on upstream projects is still rising, but it is on a relatively slow upward trajectory — and it is moving up more slowly than we had predicted last year because of changes in the timeline of certain African upstream projects.…

oil market predictions
  • The African Energy Chamber predicts that oil markets in 2024 will stay balanced and somewhat flat, with only marginal growth.
  • Aviation-driven liquids product demand—primarily from the US and Asia—likely will comprise over 50% of global demand during the next 18 months.
  • Another key driver will be industrial demand, particularly from the petrochemical sector in the Middle East, Asia, and the US, along with power generation projects.

Six months after the World Health Organization (WHO) declared COVID-19 is no longer a health emergency, it’s still difficult to fully grasp the far-reaching damage the pandemic has inflicted, from the tremendous toll on lives to economic devastation.

The chaos certainly was felt in the oil industry, which saw record distortions during the pandemic era, especially during its first few months.

As David Gaffen wrote for Reuters in February 2022, “Like much else during the pandemic, what was happening in fuel markets was unprecedented. …

African Energy Industry
  • Behind every discovery in the African energy industry, final investment decision (FID), and first oil announcement in our continent are companies of all sizes.
  • Collectively, these companies are validating the long-held assertion by the Africa Energy Chamber (AEC) that the African continent represents the next frontier for energy exploration and production.
  • Where international corporate divestment from Africa’s oil industry is occurring, smaller players are taking up the slack.

Behind every discovery, final investment decision (FID), and first oil announcement in our continent are companies of all sizes, advancing our energy industry and bringing Africans closer to realizing the energy security and prosperity their petroleum resources represent.

Collectively, these companies are validating the long-held assertion by the Africa Energy Chamber (AEC) that the African continent represents the next frontier for energy exploration and production.

Despite concerns over corporate divestment from the African oil and gas sector in recent years — moves …

Nigeria to export gas through Equatorial Guinea. www.theexchange.africa

The Nigerian Minister also praised Equatorial Guinea, saying that the Western African country has a massive record of world-class gas processing and liquefaction infrastructure already in Punta Europa and allocating investment funds for development.

Minister Obiang Lima said that Equatorial Guinea was in line to be an essential player in the African energy market.

“New, fast, and competitive sources will be a major determinant of success,” he said. “This strategic collaboration breaks down geographical boundaries and allows gas delivery from Nigeria to Equatorial Guinea’s Punta Europa facilities, extending their life and providing access to the regional and global energy markets.”

Through the agreement, the Nigerian National Petroleum Corporation (NNPC) and its joint venture partners will put into monetary use gas that would have otherwise been stranded offshore due to the absence of infrastructure.…