Africa lines up 428 oil and gas projects
At the end of 2017, Africa is reported to have 487.8 tcf of proven gas reserves, 7.1% of global proven reserves, only marginal changes to the prior year. Africa's share of global oil production has slightly increased by 0. 3% since last year to 8.7% standing at 8.1 million bbl/d.
By Monica Muema
Africa is expected to see a whopping 428 oil and gas projects start operations across the value chain between 2021 and 2025, a new industry outlook shows.
Data and Analytics Company, GlobalData in its Africa Oil and Gas Projects Outlook to 2025 report, indicates that out of the total number, upstream and midstream sectors will witness the highest projects in the next five years.
Christened, Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects, the company is projecting that an estimated 129 projects will take off in the aforesaid sectors while refinery and petrochemical segments will commence 65 and 105 projects respectively in the forecast period.
Upstream oil and gas production involves the identification, extraction, or production of raw materials, while midstream process is the transportation, storage, and wholesale marketing of crude or refined petroleum products. The final sector of the oil and natural gas industry is known as downstream.
The continent continues to heavily focus on oil and gas extraction, transportation and export projects to reinforce its position as one of the significant global exporters. This position presently favors the Middle East as the largest exporter of oil in the world with approximately 15 million barrels per day as of 2019.
Closer home, Nigeria is sitting pretty at the throne as Africa’s leading oil producer – producing in excess of 101.4 million metric tons in the country in 2019. Angola and Algeria follow closely with 69.1 million and 64.3 million metric tons, respectively produced during the year, according to figures by statista.com.
In the same year, the overall production of oil in Africa, including crude oil, shale oil, oil sands, and NGLs, reached 399.1 million metric tons. Moreover, the African output of oil per day amounted to some 8.4 million barrels in 2019, variating minimally compared to the previous year.
Nigeria is also the largest crude oil exporter in the continent – a market that sold more than two million barrels of oil daily to the international market in 2019. Angola and Libya had an estimated daily export volume of about 1.31 million and 1.03 million barrels, respectively.
South Sudan had 3.5 billion barrels while Kenya’s 560 million barrels, contributed about 0.032 percent share of the world’s reserves. North and West Africa on the other hand contributed a sizeable 10 per cent to the global oil exports in 2019.
Surprisingly, 2020 figures by Statista.com looking at ‘proved crude oil reserves in Africa by main countries,’ show that Libya had an estimated 48.36 billion barrels of proved oil reserves compared to Nigeria’s 36.97 billion barrels of crude oil, while Algeria’s reserves summed up to 12.2 billion barrels.
It is estimated that during that year, total crude oil reserves in Africa stood at 125.8 billion barrels.
955 total views, 1 views today