This is part 2 of a 4-part series
Big oil companies are applying their energy transition strategy to their African operations, whether the continent’s states like it or not. The problem for the latter does not lie with oil fields currently under production, which will never have trouble finding investors, even if European majors are exiting such investments. In Nigeria, for instance, Shell, Total and Eni recently sold a 45% interest, valued at $1.1bn, in the onshore OML 17 oil field[HC1] to the billionaire entrepreneur Tony Elumelu.
Instead, the risk is that there will be a slowdown in the development of new projects. In late 2020, during Africa Oil Week, BP’s Africa new ventures vice president, Jonathan Evans, said that, in view of carbon reduction requirements, BP would limit its oil extraction projects on the continent going forward.
There's more to this story
Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.
cancel anytime
Already a a subscriber Sign In
Also in this in Depth:
still traditional
Whisky or vodka? Study reveals Africans’ alcohol consumption habits Africa’s demographic growth is whetting the appetite of alcohol sector leaders Heineken, Diageo, and AB InBev.Cut off
Niger still isolated after airports reopening Air France, Turkish Airlines and pan-African airline Asky have not returned to Niamey, despite the reopening of Niger’s skies to commercial flights early this month.