Yemisi Izuora
A fresh data has revealed major upstream oil and gas projects coming up in Nigeria between 2023 to 2027.
GlobalData analysis shows that Nigeria will dominate the upcoming projects’ landscape in Africa, accounting for 23 per cent of the total projects expected to begin operations by 2027.
Africa as a whole is expected to witness 492 projects commencing operations between 2023 and 2027 and of these, upstream projects should total 139, midstream should be the highest with 162, refinery should total 77 and petrochemicals 144.
In the midstream sector, the trunk/transmission pipelines segment alone constitutes 34 per cent of all projects, followed by oil storage and gas processing with 28 per cent and 22 per cent respectively. Refinery and petrochemical projects constitute 39 per cent of all upcoming oil and gas projects in Africa between 2023 and 2027.
In addition, new build projects dominate the upcoming projects’ landscape in Africa, constituting 82 per cent of the total across the value chain.
The share of new build projects is especially high in the midstream sector, with 38 per cent of the total new build projects with expansion projects leading in the upstream (fields) sector.
Around 40 per cent of projects in Africa are in the construction and commissioning stages, and these are more likely to commence operations during the outlook period. Another 40 per cent of projects are in the planning stages, and the rest have either been approved or are awaiting approval.