Image: Premium Times Opinion
The Nigerian National Petroleum Corporation (NNPC) announced its plans to attract $48.04 billion in oil and gas investments over the next seven years. The country will account for 24.8 percent of investments into the continent and will be responsible for 20 out of 93 projects to be funded across the continent’s oil and gas industry.
Group MD, Dr. Maikanti Baru, called for investors across the globe to take advantage of the expected investment opportunities, adding that over 41 billion barrels of oil (bbl) and 319 trillion cubic feet (tcf) of gas were yet to be discovered in sub-Saharan Africa alone.
“The continent’s energy outlook [remains] positive amid difficult operating and economic headwinds and there has been a surge in capital expenditure (CAPEX) across Africa’s oil and gas sector, with close to $194 billion earmarked to be spent between 2018 and 2025 on 93 upcoming oil and gas fields in Africa,” said Baru during a conference in London.
According to Baru, 23.8 percent of CAPEX in Africa would be spent in Mozambique with 11.3 percent in Angola and a collective 29.2 percent between Tanzania, Senegal, Mauritania, Uganda, Egypt, Algeria and Kenya.
He added that with more than 14 oil producing countries, Africa currently accounts for 126.5 bbl of crude oil and 488 tcf of gas, out of the global proven oil and gas reserves respectively.