July 14, 2024
AFRICA: Algeria, Libya, Nigeria emerge top three in oil, gas activities
AFRICA: Algeria, Libya, Nigeria emerge top three in oil, gas activities
– By Alison Godswill

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

 

AFRICA: Algeria, Libya, Nigeria emerge top three in oil, gas activities

By Eyo Nsima, Editor

Algeria, Libya and Nigeria have emerged as the top three nations in terms of oil and gas activities in Africa.

Algeria

Based on rig count, a major index of measuring activities, on a month-on-month, MoM basis, the rig count of Algeria rose to 37 in August 2023, from 35 in July of the same year, indicating an increase of 5.7 per cent.

Also, on a year-on-year, YoY basis, the rig count of Algeria, rose to 37 in August 2023, from 33 recorded in the corresponding period of 2022, indicating an increase of 5.7 per cent.

The Organisation of Petroleum Exporting Countries, OPEC, which disclosed this in its various Monthly Oil Market Reports, MOMRs, obtained by The Daily, www.thedaily-ng.com, did not provide reasons or factors responsible for the trend.

But checks by The Daily, www.thedaily-ng.com, pointed to increased investment during the period under review. Indeed, this is a nation to watch for investment in the coming months.

According to OPEC, “covering an area of around 2,382 thousand square kilometres, the Republic of Algeria is, territorially, OPEC’s largest Member Country and the largest country in Africa.

“It is situated in the north of the continent, and shares borders with Morocco, the Western Sahara, Mauritania, Mali, Niger, Libya and Tunisia. To the north is the Mediterranean Sea.

“The country achieved political independence in 1962 after more than a century of colonial period. Algeria’s struggle for independence was one of the most bitter in Africa’s colonial history.

“It has a population of almost 45 million. Arabic and Berber Tamazight are the national and official languages, while French is also spoken. The currency is the dinar.

“The oil and gas sector is the backbone of the economy. The country’s other natural resources include iron ore, phosphates, uranium and lead. Algeria joined OPEC in 1969.”

Libya

Unlike Algeria, on a month-on-month, MoM basis, the rig count of Libya dropped to 14 in August 2023, from 15 recorded in July 2023, according to data obtained from OPEC MOMRs.

But on year-on-year, YoY basis, its rig count rose significantly to 14 in August 2023, from only 2 recorded in the corresponding period of 2022.

This could have been another clime to watch for the purpose of investment, but adequate caution is required because of political instability.

However, OPEC, stated that, “Situated in the north of Africa, and sharing a border to the west with fellow OPEC Member Country Algeria, Libya is the 16th largest country in the world in terms of land mass, comprising around 1,760 thousand square kilometres.

“More than a quarter of the country’s six million plus inhabitants live in its capital city, Tripoli. Arabic is the main language.

“Apart from petroleum, Libya’s other natural resources are natural gas and gypsum. Its economy depends primarily on the oil sector. Substantial revenues from the energy sector, coupled with a small population, give Libya one of the highest per capita Gross Domestic Products, GDPs in Africa. The national currency is the dinar.

‘The country joined OPEC in 1962. Libya’s huge man-made river is the largest water transportation project ever undertaken and carries more than five million cubic metres of water per day across the desert to coastal areas.”

It added: “Libya’s first productive oil well was struck in 1959 at Amal and Zelten, now known as Nasser. The country began exporting oil in 1961.”

Nigeria

Similarly, on a month-on-month, MoM basis, the rig count of Nigeria rose to 18 in August 2023, from 14 in the preceding month of July 2023, indicating an increase of 28.6 per cent.

Also, on a year-on-year, YoY basis, the nation’s rig count rose to 18 in August 2023, from 10 recorded in the corresponding period of 2022, showing an increase of 80 per cent during the period.

Indeed, another must-watch space for investors, apparently because of reforms, the Petroleum Industry Act, PIA, and the commitment of President Bola Tinubu’s commitment to attract and retain genuine investors for the purpose of developing the nation’s oil and gas industry.

Already, some government officials, especially Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) and Ekperikpe Ekpo, Minister of State for Petroleum Resources (Gas) have swung into action to achieve the government set targets in the industry.

Checks by The Daily, www.thedaily-ng.com, also indicated that the Executive Secretary, Nigerian Content Development and Monitoring Board, Engr. Simbi Wabote, has also intensified efforts, targeted at deepening local content in the industry, not only in Nigeria, but also in Africa.

However, OPEC has this to say about Nigeria, “The most populous country within OPEC, Nigeria has around 218 million inhabitants. Located on the Gulf of Guinea on Africa’s western coast, Nigeria covers an area of around 924 thousand square kilometres.

“Abuja, the capital since 1991, has a population of more than one million. English is Nigeria’s official language, although many local languages such as Hausa, Yoruba, Igbo and Ijaw are also spoken.

“Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. Its currency is the naira.

“The country joined OPEC in 1971. Conservationists say that Nigeria’s unique rainforest region is amongst the richest in Africa. The country is also home to numerous important game reserves, such as the Yankari and Kainji National Parks. Oil was first discovered in Oloibiri, in Nigeria’s Bayelsa State, in 1956.”

Kindly Share

Facebook
Twitter
LinkedIn
WhatsApp

Copyright @ TheDaily. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheDaily

Leave a Comment

Your email address will not be published. Required fields are marked *

📰 Subscribe to our Newsletter

Scroll to Top