While the world is still turning back to normalisation, the oil and gas industry is pacing ahead with slight optimism yet don’t see a full recovery soon. Covid-19 crippled this sector with uncertainties and the pre-Covid crisis in the energy sector is struggling to mitigate the after-effects of the shrinking global economy.
In 2020, Africa accounted for approximately 8% of the global output, with 330 million metric tons of oil being produced in the African continent itself. While African produced the lowest production level of 6.9 million barrels per day in 2020, oil production still remains the primary driver of the economy with its vast reserves soon to be launched in other African regions.
The oil and gas companies are looking forward to huge challenges to cater to in the coming years. Some of the key trends the African continent can look out for are:
The African oil market is increasingly becoming an expanding investment market for new and innovative discoveries to position themselves. With more oil industry opportunities setting up a platform in Nigeria, Egypt, Mozambique, Mauritania, and Equatorial Guinea, Africa can ease the energy crisis while adopting the key trends in the industrial domain.
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