FILE - In this June 11, 2019, file photo a pump jack operates in an oil field in the Permian Basin in Texas. Energy stocks slipped on falling oil prices during the second quarter as global demand weakened and investors grew increasingly worried about economic growth. The costly trade war between the U.S. and China escalated during the quarter and the U.S. threatened to expand trade disputes to Mexico. That rattled investors who were dealing with an already volatile market and hoped for some kind of resolution. (Jacob Ford/Odessa American via AP, File)

JOHANNESBURG- The outlook for Africa's economic performance is promising, particularly as global oil markets finally recover from their 2015-2016 lows, a report released by Africa Oil Week and Menas Associates says.

Africa Oil Week, which will run in November in Cape Town, is the leading oil and gas event for the continent, with over 1,500 key executives attending from around the world to broker new deals.

In a statement, organisers of the conference cited experts who predicted that 2019 and beyond would see deep offshore exploration and mega gas finds, with the development of trans-continental pipelines, gas-to-power initiatives and refining potential.

The report delves into major trends for the year, including political transitions and regional integration through the African Continental Free Trade Agreement (ACFTA) which promises to reduce barriers to intra-African trade, facilitate the movement of people and strengthen the continent's prominence on the world stage.

"A rosy picture is painted for natural gas as global consumption rises," Africa Oil Week said, noting that the continent's gas production grew by eight percent between 2017 and 2018 – largely out of Egypt.

"In terms of opportunities, sub-Saharan Africa’s two largest producers of oil – Nigeria and Angola – are expected to launch bidding rounds this year. Equatorial Guinea, Uganda, Gabon and Congo Brazzaville have ongoing rounds, Ghana launched its first licencing round at the 2018 edition of Africa Oil Week, and Madagascar is hoped to offer a number of blocks this year."

- African News Agency (ANA)