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Local African E&Ps Must Step Up to Ensure Oil & Gas Development: WoodMac

ENERGY

Local African E&Ps must step up to develop shallow-water and onshore resources to maximise opportunity amid the need for energy security and to tackle energy poverty at home according to Wood Mackenzie.

  • Oil majors are driving Africa's upstream resurgence with huge deep and ultra-deepwater discoveries including Baleine (Eni) in Côte d’Ivoire and Venus (TotalEnergies) and Graff (Shell) in Namibia.
  • African governments are pivotal to financing for oil and gas with several countries offering progressive sliding-scale profit share, royalty and tax rates.
  • 2023 is expected to be a significant year for new production start-ups and four major greenfield projects could reach FID this year driven by Angola.
  • To secure financing companies must try to reduce costs, improve project timelines and ensure ESG credentials.
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