Despite producing 8% of the world’s oil in 2020, Africa has vast untapped natural resource richness and has the potential to become a major player in the energy sector. Approximately 428 oil and gas projects are anticipated to begin operating on the continent between 2021 and 2025, making it a hive of activity throughout the following ten years. Africa’s abundant oil and gas resources, which make up 7.1% of the world’s proven oil and gas reserves, are essential to the continent’s economic and social development and are expected to spur growth in all regions of the continent. Natural gas, with its 620 trillion cubic feet (tcf) of proven reserves, has been chosen by Africa as the preferred energy source to solve the continent’s energy poverty, spur socioeconomic growth, and ensure a just and inclusive energy transition. Due to this, particularly in recent years, several sizable initiatives have begun that are expected to bring in a new era of energy availability and industrialisation across the continent. According to GlobalData, over 70 crude oil and natural gas projects are anticipated to go online by 2025, adding as much as 2.3 million barrels per day (bpd) to global crude and condensate production as sub-Saharan Africa embarks on a robust post-pandemic recovery on the back of energy development. Project economic viability, rising renewable energy concerns, and above-ground risk, however, continue to be important considerations in choosing which projects will be completed and which will be perpetually delayed. The top sub-Saharan upstream oil projects to keep an eye on in 2023 are listed below. These risksy endeavors could, however, result in the biggest profits for their respective markets.
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