Yemisi Izuora
Nigeria’s commitment in developing key oil and gas assets, especially with emphasis on new policies towards harnessing her huge gas resources has given it the lead topping other African countries from data of upcoming projects landscape in the continent.
According to GlobalData’s latest report, “Africa Oil and Gas Projects Outlook to 2025 – Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects” indicates that Africa is expected to witness 428 oil and gas projects to commence operations during the period 2021-2025.
Nigeria from the report would account for 23 per cent of the total projects expected to start operations during the 2021 to 2025 period.
Out of these, upstream and midstream sectors would witness the highest project starts with 129 projects each.
The report indicates that refinery and petrochemical segments would witness the start of operations of 65 and 105 projects respectively.
Refinery and petrochemical projects together constitute about 55 per cent of all upcoming oil and gas projects in the during 2021–2025.
Midstream sector follows next, with the pipeline segment alone constituting 33 percent of all projects followed by oil storage and gas processing with 30 and 23 percent respectively.
New build projects lead the upcoming projects landscape in the Africa constituting around 79 percent of the total projects across the value chain. The share of new build projects is especially high in the midstream and petrochemicals sectors with more than 90 per cent.
In the Africa, about 40 per cent of the projects are in construction and commissioning stages and are more likely to commence operations during the outlook period. About 40 per cent of the projects are in the planning stages and the rest have been approved or awaiting approval.