ALTHOUGH investments in Africa’s upstream oil and gas deals dropped considerably in 2023, regional public and Aprivate companies still continued to explore expansion opportunities in the continent.
Africa's upstream saw only $3 billion worth of investments in 2023, compared to over $10 billion in 2023 – a nearly 75 per cent decrease – with acquisitions driven primarily by regionally focused companies, according to the African Energy and Economy: 2023 Review and 2024 Outlook report by S&P Global.
This momentum is expected to increase this year, as private companies lead mergers and acquisitons, albeit focusing on established fields to maximise recovery from operations.
Global integrated oil companies (GIOCs) also increasing investmen in the upstream sector. These companies are not only investing heavily in new projects but also redesigning these projects to incorporate renewables and carbon capture technologies to align with global decarbonisation pressures.
Projects such as Eni’s Baleine field in Côte d’Ivoire and TotalEnergies’ Graff and Venus fields in Namibia are prime examples.
Private investment vehicles owned by high-net-worth individuals, like Famfa Oil and Heirs Holdings, are actively acquiring assets and investing in onshore and shallow-water resources.
This story is from the July 2024 edition of Oil and Gas News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2024 edition of Oil and Gas News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Expertise offers a one-stop solution for industrial sector
The leading Saudi industrial services provider is expanding into new sectors and leveraging its 400,000 sq m terminal in Jubail to drive innovation in critical industries, aligning with Vision 2030 and sustainability goals
African energy sector resilient amid upstream challenges
Despite the African upstream oil and gas sector seeing a 75 per cent drop in deal value to 3 billion in 2023, companies are keen to expand portfolios and explore new opportunities
SANKYU blends global expertise and local roots in Saudi Arabia
The leading plant engineering and logistics provider is advancing KSA's industrial sector through technological innovations and localisation, aligning with Vision 2030 and promoting sustainability and local talent
The unseen challenge of copper mining and vehicle electrification
The green energy transition relies on copper, posing supply challenges that require better recycling, alternative materials, advanced mining technologies, and global policy collaboration to meet rising vehicle electrification demands
Corrosion in the oil and gas industry: A costly challenge
Corrosion in the oil and gas industry demands robust management strategies to mitigate significant financial and environmental impacts, ensuring the longevity and integrity of critical infrastructure
OQ's $245m project to enhance South Gas Grid
OQ Gas Networks is enhancing Oman’s South Gas Grid with a 245 million project involving the installation of two loop lines to increase capacity and efficiency, with 90 per cent completion and a targeted finish by Q4 2024
Reliable pipeline protection with J22 moisture analyzer
In comparison to traditional techniques of moisture measurement, the Endress+Hauser J22 moisture analyzer offers continuous, reliable moisture measurement for increased safety and asset integrity, Anand Jeevakaruniyam, Business Development Manager, Optical Analysis, tells OGN
Oman poised to lead with green hydrogen ambitions
Oman is leading an ambitious green hydrogen strategy, targeting substantial production increases and economic diversification by leveraging its renewable resources, strategic location, and significant investments
OMAN'S ENERGY SECTOR FUELS ECONOMIC GROWTH
The Sultanate's oil and gas sector is vital, contributing 72 per cent to GDP and achieving a 90 per cent Omanisation rate. Meanwhile, investments by OQ have increased reserves and production, driving economic stability and growth
FOSSIL FUEL USE HITS RECORD IN POWER-HUNGRY WORLD
In a landmark report, the Energy Institute (EI) has painted a vivid picture of an energy-hungry world grappling with record consumption levels, burgeoning renewable energy generation, and the persistent challenge of fossil fuel dependency.
