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Upstream investment in Africa has been slower to recover from the pandemic compared to more agile regions with lower costs. Moving forward, we expect investments of around US$40 billion annually, or 8% of global capex, to be the new normal.
Changing Face of Energy Series: Africa Energy Hotspots
After three years of decline, oil and gas production is growing again across Sub-Saharan Africa. Traditional oil producers Nigeria and Angola are increasing investment and activity. Angola's exit from OPEC is a statement of its ambition. Elsewhere, growth projects are progressing in Senegal/Mauritania, Cote d'Ivoire, Namibia and Mozambique. Join our experts on Wednesday 14th February where they will discuss two recent reports - 'Sub-Saharan Africa upstream: 2023 in review' and '5 things to look for in 2024'. A main presentation will be followed by Q&A.
2023 was a year in which the Middle East and North Africa (MENA) region consolidated 2022’s gains. 2024 heralds much uncertainty: an expansion of OPEC quotas will impact short term oil production across the region while capacity expansion continues apace.
With COP28 recently completed in the UAE, there is elevated interest in progressing diverse clean energy strategies in the MENA region.
Sub Saharan Africa upstream will be firing on all cylinders in 2024. Exploration, particularly the deepwater Atlantic margin, will remain strong with several big wells planned in Namibia, Angola, Congo and Equatorial Guinea.
New discoveries make the Orange Sub-basin the world’s hottest oil and gas exploration play
A restart to Iraqi oil exports via Turkey is more than just a pipedream, but obstacles remain.
Libya aims to almost double its crude production levels over the next 3‒5 years, investing around US$ 4 billion a year. However, the country faces a myriad of obstacles, which will stymie its plans.
Please join our experts as they cover key themes in Nigeria Upstream on 9th November 2023
Access to capital the biggest obstacle for local players
Wood Mackenzie's 150 minute online training course on 5 June 2024 for the refining industry will allow attendees to get up to speed on its fundamentals to deepen knowledge on the role of refining within the oil and petrochemicals value chain.
Developing Africa’s huge natural gas reserves is essential for growing export revenues and supporting domestic economic growth.
A month into the role and Nigeria’s new president, Tinubu is already having a significant impact on the economy
Investors are looking afresh at Africa’s advantaged barrels – but old problems persist.
Please join our experts as they cover key themes in Africa Upstream on 31st May 2023
Europe needs gas, and Africa has plenty of it – but planned exports are fraught with risk
Join Wood Mackenzie on 30th May 2024, for a discussion on where investment is trending in Africa, NOC spending patterns and more.
The energy transition will require oil and gas for decades to come, but the supply of lower-cost, lower-carbon “advantaged” barrels remain scarce, threatening emissions targets and causing upstream providers to pivot to new strategies, according to “Scraping the Barrel” a new Horizons analysis from Wood Mackenzie.
Wood Mackenzie will be speaking and attending West African Energy Summit in September as their official Thought Leadership Partner
COP27 is ongoing, but progress could be limited by the leaders of China and India staying away from the summit in Egypt
The upstream industry in Africa is thriving. Giant oil discoveries in the last two years add to a positive investment outlook that's the envy of other oil and gas provinces. What can African governments do to maximise the value of their resources?
Shell and TotalEnergies’ giant deepwater discoveries could be transformational.
The oil and gas sector bounceback is set to continue – but the positive outlook is tempered by concerns about its future in a decarbonising world. Find out how global trends could play out in your region in our 2022 Outlook series.
What lies ahead for oil and gas exploration? As investors and activists ask how the search for new fields squares with the need to accelerate the energy transition, our experts pick out five key themes to look for in 2022.
African nations see oil, gas and coal as the fast-track way to improve energy access. But there is uncertainty about future demand, ESG and net zero ambitions.
The PIA sets the fiscal terms for Nigeria's upstream sector through the energy transition years. After a tumultuous 18 months, legislators decided that more radical surgery was needed to save Nigeria from a bleak future of upstream decline. What they have delivered is both remarkable and necessary. Remarkable, because in no other jurisdiction has there been such a major transfer of value to current lease holders in onshore and shallow water. It's a different story in deepwater though, where most contractors are still to renegotiate their terms. Necessary, because Nigeria is awash with underinvested assets. Unless something is done quickly, greenhouse gas emissions and access to capital will become an even bigger risk than they are currently.
How will Eni adapt to achieve its ambitious emissions deadlines? What role will exploration play in a low-carbon future?
Shell and Nigeria go back a long way – but net zero plans are leading to a clean break from Niger Delta JV assets.
Shell has started a process to divest all of its operated joint venture licences held by the Shell Petroleum Development Company (SPDC) in Nigeria. This includes a 30% interest in 19 Oil Mining Leases (OMLs). Gail Anderson, Research Director with Wood Mackenzie’s Sub-Sahara Africa upstream team, said: “There is considerable value upside across the joint venture assets, which bidders will need to carefully evaluate and quantify.”
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