Africa’s Upstream Oil and Gas Sector Poised for Growth with $800 Billion LNG Investment

The forum will feature strategic sessions and presentations on major LNG and floating LNG (FLNG) developments, highlighting investment opportunities and sector advancements.

Africa's upstream oil and gas sector is set for a significant boost, with an $800 billion capital expenditure program dedicated to expanding LNG production alongside traditional deep-water oil projects. This investment surge comes as global demand for gas rises, positioning Africa as a key player in the LNG industry.

African Energy Week (AEW): Invest in African Energy 2024 will host a pivotal two-day Upstream Exploration & Production (E&P) Forum to showcase Africa's LNG potential. The forum will feature strategic sessions and presentations on major LNG and floating LNG (FLNG) developments, highlighting investment opportunities and sector advancements.

Mozambique is at the forefront with its $20 billion Mozambique LNG project, led by TotalEnergies, expected to produce 12.8 million tons of LNG annually by 2028. Additional projects like Eni's Coral Norte and ExxonMobil's Rovuma LNG are on track for FID by 2025. Mozambique achieved $1.7 billion in natural gas revenue in 2023, driven by the Coral Sul FLNG project.

Nigeria is enhancing its LNG capacity with the Train 7 expansion project, set to increase capacity by 35% and add approximately 8 million tons per annum. The Nigerian National Petroleum Corporation has also signed a Project Development Agreement with Golar LNG for a FLNG vessel in the Niger Delta, aiming to monetize 400-500 million standard cubic feet of gas per day.

Equatorial Guinea is solidifying its LNG role through the Gas Mega Hub (GMH) initiative, pooling regional resources for gas processing and distribution. The Greater Tortue Ahmeyim (GTA) LNG project, spanning Mauritania and Senegal, will begin production by Q4 2024 with a capacity of 2.3 million tons per year.

Angola is expanding its LNG market with the second phase of the Falcão project and the development of its first non-associated gas project in Soyo. South Africa’s Virginia Phase 2 project will produce commercial quantities of LNG and helium, while the Port of Ngqura FLNG project involves installing a floating storage and regasification unit and gas-to-power infrastructure.

The Upstream E&P Forum will include a session on "The Demand Economics Driving the Growth of African LNG and FLNG," featuring prominent speakers such as Marica Calabrese of Eni Rovuma Basin, Taiwo Okwor from Africa Finance Corporation, and representatives from Golar LNG, Angola LNG, and UTM Offshore.

Another key session, "The Game Changer: Examining African Gas," will explore Africa’s gas reserves, production capacities, infrastructure, and export potential, focusing on transitional energy and power generation. Speakers will include senior figures from Equatorial Guinea’s GEPetrol, Seplat Energies, and Mozambique’s Empresa Nacional de Hidrocarbonetos.

With these significant developments, Africa’s leading upstream markets are establishing themselves as major contributors to the global LNG industry. AEW: Invest in African Energy 2024 will serve as a critical platform for stakeholders to engage, form partnerships, and explore new opportunities within Africa’s expanding LNG sector. For more details, visit www.AECWeek.com.