Nigeria, Angola, Egypt Face Oil Production Flatline – Expert

Big oil producers like Nigeria, Angola and Egypt could face oil production flatline as the decade progresses, an expert, Ian Thom, the Upstream Research Director at Wood Mackenzie has disclosed.

He made this known during the ongoing African Energy Week event in Cape Town, South Africa.

He highlighted the fact that traditional oil production hubs across Africa are expected to face challenges in offsetting production declines at mature assets.

He also noted that a global trend focusing on advantaged resources indicating that higher-cost and higher-emitting assets in Africa may be affected, effectively underscoring the importance of strategic planning and sustainable development in the African oil and gas sector.

He said: “With the global upstream trend firmly focused on advantaged resources, it is inevitable oil production will be affected in higher cost and higher emitting assets in Africa. However, there could still be some upside from reserve growth or yet-to-find resources.

“TotalEnergies recent discovery at Ntokon in Nigeria is a great example where new oil discoveries drive incremental growth. And the exploration success in Namibia underlines how deepwater exploration can generate strong investment opportunities\.”