Africa’s Upstream Industry: Holding Steady in a Turbulent Oil and Gas Market
Africa’s oil and gas industry will invigorate African economies and create opportunities in 2023. Ambitious plans for natural gas production, economic diversification, and job creation, particularly for women and young people, were outlined during African Energy Week. The EU’s increased funding to counter insurgency efforts in Mozambique highlights Europe’s interest in a stable, energy-producing Africa. Despite the Ukraine-Russia conflict, African oil production remains steady. Nigeria and Libya have successfully tackled setbacks internally, attracting interest from European companies. Africa’s natural gas output shows resilience, with nations increasing exports to Europe. Major gas projects are set for production by 2030, promising a bright future.
