More than $120 billion active Oil and Gas projects in Sub-Sahara Africa
Sub-Sahara Africa has more than $120 billion of oil and gas projects under construction. A further $150 billion is in the pre-execution phase.
Over the next 50 year’s Sub-Sahara Africa will have the fastest-growing population in the world. With 40 per cent of the population without reliable access to power, oil and gas will play a critical role in meeting energy demand.
According to the 20202 BP Statistics report, Sub-Sahara Africa has proven oil reserves of just over 60 billion barrels. These oil reserves account for 3.5 per cent of the world’s total. Less than 60 per cent of Sub-Sahara Africa’s 1.1 billion people have access to reliable power. Oil accounts for more than 45 per cent of Africa’s current energy needs. Although renewable energy sources such as solar and hydropower are gaining momentum, oil and gas will play a significant role in providing power to more than 400 million people in Sub-Sahara Africa over the next decade.
There are more than $120 billion of active oil and gas projects in sub-Sahara Africa with a further $150 billion in the pre-execution phase. Nigeria is leading the market with more than 30 per cent of the active projects. Mozambique and Angola take up the second and third positions with 18 and 16 per cent of the projects, respectively.
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Top 20 countries with the most active oil and gas projects in Sub-Sahara Africa