The African economy grows and demand for oil and gas increases

The African economy grows and demand for oil and gas increases

Editorial Staff
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According to the report published by the International Association of Oil and Gas Producers, the region is still able to export about half of its oil production, while a decade ago it could export 70 per cent of the production

The increase in demand of oil and gas from the African continent is reducing the amount of fuel available for export. This is the trend emerging from a report on Africa prepared by the International Association of Oil a Gas Producers (IOGP). The region can still export approximately half of its oil production, 8 million barrel a day, clearly lower than a decade ago, when Africa was able to export 70% of its production. As for gas, African production stabilized in the last ten years while demand increased by 50 per cent, exports have now reduced to one third of production.

The IOGP report highlights how the continent needs to invest in responsible and sustainable oil and gas development, focusing on maximizing available energy and minimizing emissions into the atmosphere. The Association's document also features a comment by Antonio Vella, Eni's Chief Upstream Officer, who stated: "Being a major oil and gas investor in the continent, Eni produces gas throughout the region: in Ghana, Egypt, Congo and Mozambique, where offshore resources look very promising. The whole of Western Africa is an area of interest for gas exploration and production". According to Vella, "gas is giving Africa a valuable opportunity to sustain economic growth by building a more sustainable energy mix, and it can help bring energy to many people who still lack access, initiating a true industrial development".