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.
Global oil and gas exploration is increasingly concentrated in “core” areas like Guyana and Namibia, where recent discoveries have been made.
While this concentration brings economic benefits, it also raises concerns about unexplored potential in other regions and the environmental impact of deepwater drilling.
Namibia, with its recent discoveries and influx of major oil companies, is poised to become a significant player in the global oil and gas market, but must navigate the challenges of the “resource curse.”
Global energy companies including Vitol, Africa Oil Corp. and ERHC Energy Inc. will showcase Africa’s premier energy sector opportunities at the Invest in African Energy reception in London this week, organized by the African Energy Chamber (AEC) (https://EnergyChamber.org). The reception serves to catalyze investor interest in Africa’s energy prospects ahead of the African Energy Week: Invest in African Energy conference in Cape Town this November, showcasing the potential of the African energy market and exploring strategies to unlock its full potential.
Recent weeks have brought news of the discovery and development of major oil and natural gas reserves from opposite sides of the African continent. According to regional leaders, these reserves are so immense that they offer the possibility of boosting the economic trajectories of countries that have long had scant reason for optimism.
•Out of the 54 African countries, only two refine their requirement in petroleum products, Libya and Algeria.