Browsing: African Oil and Gas

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.…

The European Union has imposed restrictions, including a partial oil embargo on Russia. The sanctions will see the E.U. ban seaborne imports of Russian crude oil by the end of 2022. Additionally, petroleum product imports would stand prohibited by early 2023. European Commission President Ursula von der Leyen reiterates the E.U. plans to reduce reliance on Russian fossil resources by 2027.

Because of the European Union’s political determination to minimize its reliance on Russia in response to Moscow’s invasion of Ukraine, the E.U. is now searching for alternative suppliers. The search implies that suppliers such as Africa’s underdeveloped frontier energy markets may discover new energy markets in Europe. Optimism remains high since it is clear the E.U. no longer rely on Russian gas. Russia has for years remained a primary gas supplier in Europe.…