The African Energy Chamber (AEC) (https://EnergyChamber. org/), the voice of Africa’s energy sector, is proud to announce the launch of its new publication, “The State of Africa’s Energy: Outlook for 2023” (https:/ /bit. ly/3NbQLtD) a detailed report analyzing current, emerging and long-term oil and fuel market trends, as well as the geopolitical procedures that shape the global and African oil and fuel sector.
With the global oil market suffering the combined effects of the COVID-19 pandemic and the Russian-Ukrainian war, the report provides detailed research on the evolution of production and monetization in 2023 for the two African producing countries, such as Libya, Angola and Nigeria. . and global power companies. As volatility continues in the global oil market, the ACS report explores what this represents for African manufacturers and the global market.
With the ACS forecasting that Nigeria will increase oil production from 1. 65 million barrels per day (bpd) in 2022 to around 1. 75 million bpd in 2023 and Libya from 1. 12 million bpd in 2020 to 1. 3 million bpd in 2023, while Angola will record a decline from 1. 13 million bpd in 2022 to around 1. 1 million bpd in 2023. The report highlights the role of African energy in ensuring global energy security while exploring the demanding situations and opportunities facing the entire continent.
Meanwhile, on the fuel front, as Western operators leave the Russian market due to the invasion of Ukraine, a significant drop in global production and an increase in costs is expected. As such, the report analyzes the effect on the global market. industry and source, as well as in the exploration, production and progression of infrastructure in the African market.
With fuel demand in Europe expected to grow over the next three years, and Europe looking to upgrade most of the piped fuel the bloc gets from Russia by tapping into liquefied herbal fuel (LNG) from other regions, Africa, as the biggest moment. block of herbal fuel suppliers in 2021 and thanks to huge untapped fuel resources across the continent, it is well placed to become Europe’s leading supplier.
According to the AEC report, as COVID-19 subsides, the Russian-Ukrainian clash has caused and will continue to cause a buildup in Brent, with Africa in a prime position to increase its production of herbal fuel and take advantage of insufficient supply. Due to the proximity of major African manufacturers to Europe and the existing smart industrial relations between the two continents, despite the decline in overall production on the continent from 2022 to 2025, Africa is expected to play a key role in mounting global demand.
Meanwhile, Nigeria, Algeria and Egypt lead Africa’s fuel production and LNG flows in the near term, and the report offers detailed information related to LNG production, monetization and advancements in emerging and established African markets such as Equatorial Guinea, Senegal/Mauritania and Mozambique.
As Africa seeks to attract investments to optimize the development, exploitation and monetization of hydrocarbon resources, add resources estimated at 125. 3 billion barrels of crude oil and 620 trillion cubic feet of fuel reserves for energy security and economic expansion, and spending is expected to be taken out of Russia and directed to other regions, The report highlights investment trends in Africa and how trends in Russia and globally can shape capital allocation for allocation deployment and energy trade across the continent.
In addition, as Africa plans to boost investment and exploration activities to increase its oil and fuel reserves for a sustainable energy future, the ACS report provides insight into drilling campaigns across the continent and how recent major discoveries such as TotalEnergies and Shell in Namibia. , will boost the upstream business in countries such as Mauritania, Senegal, Uganda, Congo, Mozambique, Ghana, Angola and Ivory Coast. The study indicates that drilling activity in Africa will increase from around 895 wells in 2022 to 915 wells in 2023 and just over 1000 wells in 2025.
In addition to offering country-specific effects on emerging oil and fuel economies in Africa, with the continent focusing more on how to lift its six hundred million people out of energy poverty, AEC’s perspective provides detailed research into energy access rates while exploring electrification projects, adding renewable energy and fuel to energy advances, underway to boost Africa’s access to electricity.
“The Chamber is proud to publish its most recent report, ‘The State of Africa’s Energy: Outlook for 2023’. With existing trends, such as the Russian-Ukrainian war and global energy transition policies, exposing Africa’s fragile energy systems and worsening energy poverty prevalent on the continent, we, Africa, will have to step up to maximize the investments needed to drive the progress of oil, fuels, and renewables to modernize its power grid for greater safety and reliability. The report provides regional and global investors with the data they want to harness Africa’s vast energy potential,” said NJ Ayuk, Executive Chairman of AEC.
Download The State of Energy in Africa: Outlook 2023 (https://bit. ly/3NbQLtD)
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