Upstream Promises Remain Constrained By Above Ground Woes
We have identified five main themes that will be critical for the African Oil & Gas sector throughout 2013, as they will determine the performance of the continent during the rest of the decade:
We see increasing interest in West African subsalt exploration by major international oil companies (IOCs) as it becomes more evident that the large unexplored offshore acreages contain significant potential.
We continue to see increasing gas potential on the continent. On one hand, many developments concerning liquefied natural gas (LNG) facilities are taking shape over 2013, with Angola marking a milestone with its first shipment in June 2013 to Brazil; on the other, we are increasingly bullish on east African gas frontier, where we forecast annual gas production reaching 9.7bn cubic metres (bcm) in Tanzania and 19.5bcm in Mozambique by 2022.
Waiting For A Subsalt Revolution Africa Oil Production, Consumption (LHS) & Net Exports (RHS), 2010-2022