West African Oil: Hopes and Challenges for 2024
Against a backdrop of underinvestment and security challenges, West African oil producers, notably Nigeria and Angola, face a crucial turning point for 2024
| Countries | Congo, Chine, Guyana, Inde, Russie |
|---|---|
| Companies | Sonangol, S&P Global Commodity Insights, Oando, Eni, ExxonMobil |
| Sector | Pétrole |
| Theme | Politique & Géopolitique, Sécurité énergétique |
Oil producers in West Africa, particularly Nigeria and Angola, have had a difficult year, marked by production interruptions, chronic under-investment, security problems and oil theft. These challenges have hampered the achievement of the ambitious targets set for 2023, notably the increase in oil production and the reopening of refineries.
Despite efforts to increase production by 2023, Nigeria and Angola have only managed to stabilize their output. Nigeria produced an average of 1.4 million barrels per day (b/d), while Angola reached 1.1 million b/d. Insufficient investment, particularly in exploration, has been a major problem, with the major oil companies leaving for new horizons such as Namibia and Guyana.
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