ALTHOUGH investments in Africa’s upstream oil and gas deals dropped considerably in 2023, regional public and Aprivate companies still continued to explore expansion opportunities in the continent.
Africa's upstream saw only $3 billion worth of investments in 2023, compared to over $10 billion in 2023 – a nearly 75 per cent decrease – with acquisitions driven primarily by regionally focused companies, according to the African Energy and Economy: 2023 Review and 2024 Outlook report by S&P Global.
This momentum is expected to increase this year, as private companies lead mergers and acquisitons, albeit focusing on established fields to maximise recovery from operations.
Global integrated oil companies (GIOCs) also increasing investmen in the upstream sector. These companies are not only investing heavily in new projects but also redesigning these projects to incorporate renewables and carbon capture technologies to align with global decarbonisation pressures.
Projects such as Eni’s Baleine field in Côte d’Ivoire and TotalEnergies’ Graff and Venus fields in Namibia are prime examples.
Private investment vehicles owned by high-net-worth individuals, like Famfa Oil and Heirs Holdings, are actively acquiring assets and investing in onshore and shallow-water resources.
This story is from the July 2024 edition of Oil and Gas News.
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This story is from the July 2024 edition of Oil and Gas News.
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