The upstream industry hopes 2024 can be a bounce-back year for high-impact oil and gas drilling after a lackluster 2023, with Africa and Latin America likely to spearhead activities
M&A remains an important means for oil and gas companies to access new reserves and opportunities, despite the challenges.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) told investors that its subsidiary, Azinam Limited, has received government approval for its proposed farm-out transaction with Africa Oil, which will see a 6.25% stake in the Block 3B/4B asset offshore South Africa transferred to the Toronto-listed partner.
Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.
The African Group of Negotiators on Climate Change (AGN), has assured the African civil society of its commitment to protecting Africa’s interests in the newly operationalized Loss and Damage Fund.
Africa’s oil production is set for a gradual decline in 2024, the African Energy Chamber said in a new report on the industry this weekend.
Ghana places 5th in Africa with highest offshore oil rig demand – African Energy Chamber
Ghana is ranked 5th in Africa with the highest offshore oil rig demand, according to the 2024 State of African Energy by the African Energy Chamber.
Africa is yet to see anything close to a full return on its massive oil and gas resources. With one-third of the continent – almost 500 million people – still having no access to electricity, ending energy poverty across Africa is among the planet’s most urgent challenges.
Nigeria and other African nations have expressed commitment toward the development of their 620 trillion cubic feet of proven gas reserves, targeted at bolstering energy security, industrialization and environmental sustainability.