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."