Several leaders of African countries are expected to present the case for new fossil fuel projects to go ahead across the continent. Africa is offering the world access to vital gas resources at a time when many countries are facing energy shortages and rising prices. In addition, Africa’s largely unexplored oil reserves could provide the world with the low-carbon resources needed to bridge the gap in the renewable energy transition. But with many world leaders aiming to reduce their dependence on fossil fuels to support the battle against climate change, it is uncertain whether these leaders will convince the rest of the world of the need for African oil and gas.
African countries have been gradually boosting their oil and gas output over the last year, as demand for fossil fuels continues to rise. While many countries in the West are curbing their fossil fuel operations, the African region is offering major oil firms the opportunity to develop new, low-carbon oil operations in untapped areas. Rapidly increasing oil and gas prices have recently led many countries to reassess their stance on oil and gas, with several boosting output to meet demand. As the E.U. and U.S. strengthen sanctions on Russian energy, many governments are having to turn elsewhere to fill the gap. In addition, the E.U. announced as part of its climate change strategy this year that the region would continue to rely on natural gas as part of a cleaner energy transition, as it moves away from coal and crude oil. The African region has great potential to develop its fossil fuel industry at a time when demand remains high, and the world is facing shortages of both natural gas and oil. If done effectively, the region could become more self-sufficient, as well as export energy to the rest of the world to help develop its national economies.