Oil: Nigeria, Libya, Algeria, Angola and Egypt to produce more than 80% of Africa’s output in 2023 —- AEC
By Eyo Nsima
Top five producers – Nigeria, Libya, Algeria, Angola and Egypt – would produce more than 80 per cent of Africa’s 2023 output, according to African Energy Chamber, AEC.
In its first quarter 2023 report obtained by The Daily, www.thedaily-ng.com, AEC, stated: “2023 global liquids (crude + condensates) month-on-month outlook expected to stay flat and stable with an annual average at 83.4 million barrels per day (MMbbls/d). Africa liquids supply is expected to add up to 8% of the global volumes over the year at an annual average of almost 7 MMbbls/d.
“Top five producers – Nigeria, Libya, Algeria, Angola and Egypt contribute to over 80% of Africa’s 2023 liquids output. While the majority of the production from Nigeria and Angola is from offshore projects, Algeria, Libya and Egypt’s production comes from their respective onshore fields. Production from Nigeria and Angola is in decline, whereas Algeria and Egypt’s production trend has been relatively flat since 2015. Libya’s now subsiding civil war impact is expected to result in increased production in 2023. Regulatory cuts in the form of OPEC sanctions are expected to result in outages in Algeria’s crude oil output throughout the year.”
