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.
Bu hikaye Oil and Gas News dergisinin July 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Oil and Gas News dergisinin July 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
SABIC Exhibition to explore innovative tech in downstream
THE 14th edition of the region's largest petrochemical exhibition will be held from January 2630, 2025, in the Jubail Industrial City of Saudi Arabia.
New Emerson solution reduces energy costs
EMERSON has introduced its Energy Manager solution, a pre-engineered hardware and software offering designed to simplify industrial electricity monitoring.
WEG launches W80 AXgen motor
WEG, a global leader in motor manufacturing, has launched the W80 AXgen electric motor, designed for Original Equipment Manufacturers (OEMs).
AMETEK launches quartz microbalance analyser
AMETEK Process Instruments has introduced its next-generation quartz crystal microbalance (QCM) moisture analyser, the 3050OLV, a modern update to a product with over 25 years of reliability and performance.
Clariant catalysts to help cut emissions at Hengli's plant
CLARIANT, a sustainability-focused chemical company, has installed its EnviCat N2O-S catalyst at Hengli Petrochemical's nitric acid plant in Dalian, China.
TotalEnergies installs methane devices
AS part of its ambition to aim for near-zero methane emissions by 2030, TotalEnergies announces that the company is going a step further in the monitoring and reduction of its methane emissions with the deployment of continuous, real-time detection equipment at all of its operated Upstream sites.
More countries declare support for plans to triple nuclear power
AT the COP29 UN climate change conference in Baku, Azerbaijan, six additional countries El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria, and Turkey have joined the call to triple global nuclear energy capacity by 2050, reported World Nuclear News.
Singapore allocates $74 million for green marine energy
SINGAPORE'S of S State, Alvin Tan, announced a SGD$100 million ($74 million) government investment to boost green growth in the marine and offshore energy sector over the next five years at OSEA 2024. The three-day tradeshow attracted over 500 exhibitors and 15,000+ attendees from 100 countries.
India, donor countries abandon energy transition partnership
INDIA will not proceed with the Just Energy Transition Partnership (JETP) initially discussed with donor countries like the US and Germany, aimed at aiding its transition from fossil fuels, particularly coal.
Aramco, Rongsheng in deal for Sasref expansion
SAUDI oil giant Aramco has anSA nounced that it has, along with its key affiliate Saudi Aramco Jubail ReCompany finery (Sasref) signed a development framework agreement with Chinese group Rongsheng Petrochemical at a special event in Beijing that paves the way for expansion of a vital Sasref faclity in Jubail.
