Energy Minister Dr. Matthew Opoku Prempeh says natural gas is the main resource to help support large-scale industrialization in Africa in order to bridge the poverty gap that has existed between Africa and the rest of the world.
Africa Oil Corp (TSX:AOI) swung to a profit for the full year 2023 driven by income from its joint venture Prime Oil & Gas Coöperatief U.A.
Africa Oil Corp (TSX:AOI) revealed it repurchased more than 326,000 shares between February 5 and 9, as part of a buyback programme launched in early December.
The last thing Senegal needed in its long-drawn-out effort to capitalize on large oil and gas finds off its coast was political turmoil.
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.