Buffeted by a historic recession in 2020, Sub-Saharan Africa's energy sector and economy experienced a challenging 2021, which COVID-19-related complications only exacerbated. Yet signs of recovery now appear on the horizon.
Governments face challenges with new upstream licensing, but Africa leads on frontier drilling. Despite lackluster results in 2021, African exploration holds promise for 2022. The evolution of Africa's upstream competitive landscape is accelerating as IOCs revise their strategies - to increasingly focus on "agile" short-cycle projects and "advantaged" developments with lower costs and emissions - and new players emerge. In this new year, it is expected that the success of infrastructure-led exploration campaigns will continue to drive a "value over volume" approach to exploration budgets. What are the geological, commercial, strategic and contractual/fiscal factors that could determine the success of upcoming rounds in 2022? What are the drivers for African project costs changes and how Africa cost trends compare to the rest of the world?
Sub-Saharan Africa is the world's fastest growing region for oil product consumption, but in 2020 the pandemic put a severe brake on this growth, curtailing Sub-Saharan growth for the first time in over two decades with substantial demand destruction in major oil producing countries and economies which are heavily reliant on tourism. Beyond the oil sector, Africa's major oil marketing companies have also shown little inclination to get involved in alternative fuels, with projects being primarily small-scale and sometimes quasi-philanthropic. What does the energy transition look like in Africa as more African governments announce net zero pledges? What does it take to be a successful downstream player in Africa?
Join our Africa experts the 4 part 2022 Africa Energy Outlook series, covering upstream to downstream, as they map the significance of the events of 2021 and explore what's ahead for 2022.
Duration: 1 hour
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Principal Research Manager, Africa and Middle East Power & Renewables - Climate and Sustainability, IHS Markit
Research and Analysis Associate Director, E&P Terms and Above-Ground Risk, IHS Markit