As the lifeblood of industrialised nations, oil and gas are valuable sources of energy that underpin socio-economic development and ensure energy security. Serving as the foundation for the world’s energy and economic development, oil and gas has the potential to eradicate energy poverty while assisting developing nations in their adoption of renewable energy. Africa, positioned as the world’s final frontier for hydrocarbon exploration, has been accelerating its oil and gas exploration activities with significant discoveries made over the past year, marking the beginning of a promising decade for the continent.
Despite the global impact of the COVID-19 pandemic on fossil fuel development and investment, the beginning of the year saw a light oil discovery made by Eni offshore Angola on April 6, in deepwater Block 15/06. Drilled at 500m in the Cuica exploration prospect within the Caba?a Development Area, the discovery holds a potential 200 to 250 million barrels of oil and marks the second significant oil discovery in the area, reaffirming the west-African country’s position as the second largest oil-producing country in sub-Saharan Africa.
Shocking the oil and gas industry following the publication of preliminary results from exploration wells in Namibia’s 6.3-million-acre Kavango Basin, Canadian oil and gas exploration company, Reconnaissance Africa (ReconAfrica), uncovered the potential of a massive oil discovery estimated to contain 120 billion barrels of oil. Sample log results have since provided over 200m of light oil and natural gas indicators, with the well having reached its full depth of 12,500ft in early-July, and the processing and comprehensive interpretation of seismic data in December.
In May, South African Minister of Mineral Resources and Energy, Hon. Gwede Mantashe, announced the discovery of pockets of shale gas in the country’s Karoo Basin in the Free State, with estimates suggesting that South Africa holds a potential 390 trillion cubic feet of recoverable natural gas. These gas finds have the potential to drive the southern-African country’s economy while diversifying its energy mix and facilitating an energy transition.
Repositioning West Africa in Q3