Africa’s position as the world’s hottest oil and gas frontier to be entrenched this year
The year ahead will be key for the advancement of new exploration and production development projects from West to East Africa in the hydrocarbons market, entrenching the continent’s position as the word’s hottest oil and gas frontier, the African EnergyChamber (AEC) has said.
The year however also brings a new set of dynamics and challenges that could influence the future of the industry, from presidential elections to megaprojects developments, amidst intensifying international competition, the AEC said on Monday.
Developments to watch include Senegal’s SNE field development, where a final investment decision is expected by Woodside Energy and Cairn Energy this year; Niger’s Amdigh oilfield development, where Savannah Petroleum’s $5-million early production scheme is set to start soon; and the opening up of Kenya’s South Lokichar Basin by Tullow Oil, where a decision is also expected before yearend amidst rising tensions with the Turkana local community.
This is also the year to confirm Africa as a global explorationhotspot. Ongoing bidding rounds in key existing and new African hydrocarbons markets will tell if the continent seals its position as the world’s new exploration hotspot and attracts investment in its oil and gas acreages.