The African Energy Chamber has officially launched ‘The State of African Energy: 2023 Outlook,’ a consolidated report providing global investors and energy companies with the insights they need to make informed decisions in 2023 and beyond.
The African Energy Chamber (AEC) – the voice of the African energy sector – is proud to announce the launch of its newest publication, ‘The State of African Energy: 2023 Outlook,” a detailed report analyzing current, emerging and future oil and gas market trends as well as geopolitical procedures shaping both the global and African oil and gas sector.
With the global oil market suffering combined impacts from the COVID-19 pandemic and the Russian-Ukraine war, the report provides a detailed analysis of how production and monetization will look like in 2023 for both African-producing countries such as Libya, Angola and Nigeria and global energy companies. As the global oil market volatility continues, the AEC report investigates what this means for African producers and the global market.
With the AEC projecting Nigeria to increase oil production from 1.65 million barrels per day (bpd) in 2022 to about 1.75 million bpd in 2023 and Libya from 1.12 million bpd in 2020 to 1.3 million bpd in 2023, while Angola will record a decline from 1.13 million bpd in 2022 to about 1.1 million bpd in 2023, the report highlights the role of African energy in ensuring global energy security while exploring the challenges and opportunities faced across the continent.
Meanwhile on the gas front, as western operators exit the Russian market due to the invasion of Ukraine, a significant decline in global production and increase in prices is expected. As such, the report analyses the impact on global trade and supply as well as on exploration, production and infrastructure development across the African market.