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
MAINTCON to drive resilience in asset management
THE 7th International Maintenance, Reliability, and Asset Management Conference (MAINTCON 2024), being held from October 13-16 at Exhibition World Bahrain, is set to be a landmark event in the industry.
Honeywell, Samsung E&A to reduce power plant emissions
HONEYWELL and Samsung E&A have announced a joint marketing initiative to reduce carbon emissions in the global power plant sector. The initiative aims to combat climate change and align Honeywell's portfolio with three megatrends, including the energy transition.
New EPIC Flex Orbit System boosts downhole completion
GEODYNAMICS, a global leader in perforating, downhole completion, intervention, and wireline conveyed solutions, has launched its EPIC Flex Orbit Perforating System.
MHI upgrades its CO2MPACT series
MITSUBISHI Heavy Industries (MHI) has renewed its CO2MPACT series, a commercially available decarbonisation solution for various industries.
Viking Completion finishes gas project in Germany
VIKING Completion Technology, a leading supplier of well completion equipment and services, has completed a significant gas storage project in Germany.
Sanicro 35 alloy offers strong structural stability
ALLEIMA has introduced Sanicro® 35, a super austenitic alloy that bridges the gap between conventional stainless steels and higher-cost nickel alloys.
ROC is advancing energy with Congo LNG
THE Republic of the Congo (ROC) is making significant strides in its energy sector, with the successful start-up of its Congo LNG development and Moho Nord field expansion project.
ANPG and Sonangol launch Kwanza Basin campaign
ANGOLA'S National Oil, Gas & Biofuels Agency (ANPG) and national oil company Sonangol have launched a 45-day geological data acquisition campaign in the onshore Kwanza Basin to identify the country's largely unexplored hydrocarbon potential.
Namibia's O&G sector is Africa's next big play
NAMIBIA, a nation known for its stunning landscapes and abundant wildlife, is rapidly emerging as a top destination for oil and gas exploration and investment.
Fossil fuels revenue loss could cost Africa: Paper
IN a recent commentary, Dr Oramah, President and Chair of Afreximbank presented a nuanced view on the urgent need for climate action in Africa while acknowledging the continent's reliance on fossil fuels.
