Could Africa Become Europe's Next Oil and Gas Station?

Russia's invasion of Ukraine and the attendant horrors have prompted moves by many countries to reduce their dependence on imports of Russian oil and gas. These shifts, combined with western oil and gas companies dumping their Russian interests, present an opportunity to other petroleum-producing countries, albeit one tempered by actions to address the climate crisis. This has led governments and commentators to discuss African producers as potential beneficiaries of Europe's supply gap, with talk of a "seismic shift" to Africa and of the continent as "Europe's next gas station", writes Silas Olan'g, Amir Shafaie, and Thomas Scurfield for African Arguments.

Several established producers - such as Algeria, Angola, and Nigeria - are already reaping higher revenues from soaring oil and gas prices. Countries with projects due to start within the next year or so, such as Mauritania and Senegal, will likely also benefit from higher prices. However, most current producers have limited spare capacity to quickly ramp up supply and need to attract more investment before they can.

Experts expect Europe to ramp up investments into Africa's natural gas sector to shock-absorb its economy from the unfolding crisis in Ukraine and the potential for energy supplies disruption in the future.

InFocus

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