Africa’s mature oil markets are seeing a number of independent firms drive production gains, prioritizing incremental exploration and innovative technologies to breathe new life into existing assets.
Egypt has played a leading role in the global energy market for several decades, as a major producer of both oil and gas, as well as a vital transportation hub for energy products. Despite disruptions, caused mainly by national political unrest and geopolitical challenges in recent years, Egypt remains a major energy power in Africa. The government recently announced ambitions to expand its exploration activities for national gas, as well as continue financing an increase in the country’s renewable energy capacity in the coming decades.
The OPEC member’s national development hydrocarbon agency, ALNAFT, will announce a new licensing round, looking to attract foreign investment and operators in its oil and gas sector, Algerian Energy Minister Mohamed Arkab said on Monday, as carried by Reuters.
A critical period approaches for new global upstream hotspot Namibia. Starting next month, a string of high-impact exploration wells will be drilled in the deepwater Orange Basin, home to multiple major discoveries. The wells will shape future oil and gas activities in the emerging region, a key area for near-term development in West Africa.
Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said.
Africa Oil Corp. has recorded $0.4 million in net income attributable to common shareholders, well below the $106.9 million reported for the second quarter of 2023.
Several banks and financial institutions implementing policies aimed at reducing support for fossil fuel projects have led to a sharp decline in investment in Africa’s oil and gas industry, a sector that is crucial for its economic future and energy needs.
Canada-based oil and gas exploration company Eco Atlantic Oil and Gas (Eco) has signed a share cancellation deal with Africa Oil SA Corporation (AOSAC).
Egypt’s natural gas production has tumbled to its lowest point since February 2018, as per a recent data from the Joint Organisations Data Initiative (JODI), reported by Bloomberg. This significant decline could compel the North African nation to transition from being an exporter of natural gas to increasingly depending on Liquefied Natural Gas (LNG) imports.
The major players on the world energy production stage are well known, and particularly in the field of oil and gas, where most of them have been in the game for a long time.