Bitumen price in Africa
As time goes, the bitumen price in Africa and other continents becomes more important,
therefore, we have decided to devote an article to this subject matter. As the world’s oil production capacity reaches its maximum,
the African continent’s role in the global energy scene is growing, but can a rapid increase in oil and gas production and exports happen in this continent?
Bitumen and oil production in Africa
Oil production in Africa increased from 6.5 million barrels per day to 9.3 million barrels per day in fifteen years,
from 1990 to 2005, from 9.9 percent of world production to 11.2 percent.Africa’s oil production is also about to increase further over the next 15 years,
from 2005 to 2020, to about 14 million barrels per day in 2020.
In the current state of energy in the world, because of rapidly increasing consumption,
reducing the discovery of new reserves, saturating oil production capacity and existing tensions over energy prices,
it is quite natural to look to new areas with good growth prospects.
Bitumen price in Africa in recent years
It’s worth mentioning that African crude oil is usually light and has a small amount of sulfur. There are also large gas fields in Africa. The reason is that the African continent has a good geographical position because
it is between Europe and the United States. Also, the oil extraction system in Africa and the type of contracts are important for oil companies,
and massive reserves of oil and gas were open to foreign companies.
Given the strong interest of international oil companies in Africa,
as well as other evidence, two big questions arise: first, what will be the African continent’s share of the global energy scene?
And second, what impact will the hydrocarbon industry have on the continent’s economy and bitumen price in Africa?
The first question is easier to answer, but the second question is more serious for African countries. To be more specific,
the growing interest of more or less the world’s largest oil companies in Africa is due to the presence of hydrocarbon resources on the continent, which has led to the influx of these companies into Africa,
the conclusion of many exploration and production contracts, and the rapid increase in investment.
As the final point, these perspectives pose a major challenge for Africa,
and African countries must carefully consider,
anticipate, and define potential hidden risks along the way, as well as solutions to address them.