Europe looks to Africa for energy security

Key highlights:

1. There is no doubt that Africa is rich in oil and gas; however, actual production level and export capacity do not reflect the below-ground potential. For instance, Nigeria has the 10^th largest proved gas reserves in the world, but it only ranks 16^th in terms of gas production.
2. In some countries, domestic demand for gas is constraining the continent’s ability to export its gas – Algeria is a good illustration.
3. Africa is unlikely to be a game changer for Europe in the short to medium terms. To really replace Russian supplies, greater investment is needed for the continent to be able to ramp up its gas exports.
4. There is a shift in paradigm in Europe. Although European countries strongly acknowledge the seriousness of climate change, they also put top priority on energy security which has become a more concerning issue following Russia’s invasion of Ukraine.
5. Energy poverty is a priority to be tackled by all governments in Africa with the support of the international community.