![]() ![]() Following the development of the country’s first deepwater field, Moho-Bilondo, Congo has welcomed increased production and renewed interest in producing fields. The Congo expects production to increase steadily as new fields are brought online. Between 20, the country signed 84 petroleum agreements with international operators, and is looking at increasing exploration even further in 2022. As demand increases from European markets, the country is looking at improving exploration, with specific emphasis having been placed on drilling new wells. There is a positive expectation for production levels to accelerate, once political stability is restored.Įgypt takes the fifth largest oil producer in Africa spot with production estimated at 556,440 bpd in 2022. Production is particularly sensitive for 2022, due to regular infrastructure and export blockades. In 2021, the country produced approximately 1.17 million barrels per day, however, output has fallen with the deteriorating political situation. With upwards of 12 billion barrels of proven oil reserves - the second largest on the continent -the north African country is committed to maximizing reserves through the scaling up of exploration and investment.ĭespite having the largest oil reserves on the continent at 46.4 billion barrels, political instability and lack of oilfield maintenance has seen production decline rapidly in Libya. For 2022, production sits at 970,000 bpd - an improvement from 2021 levels of 874,000 bpd. Representing the third-largest oil producer in 2022, Algeria is committed to increasing production beyond pre-pandemic levels of 1.3 million bpd. ![]() From late 2023 onwards, production declines can be expected until deepwater developments such as the Bongo Field - anticipated to unlock $10 billion in new investment while adding 150,000 bpd to domestic output - come online. At current estimates, the Organization of Petroleum Exporting Countries (OPEC) members expect peak production in 2023, with 65% of the country’s 2022 production levels sourced from offshore projects. Now the continent’s second largest producer following production declines from 1.3 million bpd, Nigeria produced approximately 1.02 million bpd in May 2022. New exploration campaigns coupled with existing asset maximization also promise a new era of growth for 2022. For 2022, production stands at 1.16 million barrels per day (bpd), however, this figure is anticipated to increase as the country’s six-year licensing round and policy reforms take off. With over 9 billion barrels of proven oil reserves, Angola is committed to unleashing the full potential of its hydrocarbon sector. Angola has overtaken Nigeria as the biggest oil producer in Africa. ![]()
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