[The African Monetarist]

AFRICA’s HUGE Oil

Reserves POTENTIAL

in 2024:

 

 

 

 

 

 

 

2024 holds significant promise for Africa’s oil industry, with several energy firms strategically developing oil and gas projects across the continent and the Caribbean. This shift in focus towards low-carbon oil and the future-proofing of operations aligns with the broader trend observed among major oil and gas players, who are progressively moving away from aging and carbon-intensive sites. In this context, #African nations are resolutely asserting their position in the global energy landscape, aiming to secure a substantial share of the world’s energy resources.

 

Amid escalating pressure to #decarbonize, many oil and gas majors are diversifying their portfolios by venturing into non-traditional oil regions. #African countries, cognizant of the value of their natural resources, are determined to engage in these energy developments on their terms, ensuring they benefit from their own oil wealth.

 

As we look ahead to #2024, the demand for oil and natural gas continues to rise in the post-pandemic era. Notably, governments globally are seeking alternative #oil sources, particularly in the wake of sanctions on #Russian oil. African nations, with burgeoning oil industries, are positioned to play a pivotal role in meeting this rising demand.

 

In addition to bolstering oil production from conventional sites, many #African countries are actively cultivating relationships with new oil powers. This strategic approach aims at securing a low-carbon oil supply, particularly as the global demand for fossil fuels remains robust. The focus on low-carbon operations is particularly evident in regions with recent discoveries of substantial reserves, such as the Caribbean and Africa. Major oil companies are employing low-carbon production methods and incorporating carbon capture #technology to mitigate the environmental impact of crude oil output on the environment.

 

The global distribution of oil reserves is a dynamic landscape, and Africa’s significant oil potential positions it prominently on the world stage. The continent’s rich natural resources, coupled with the adoption of environmentally conscious production practices, augur well for Africa’s role in meeting global energy needs in a sustainable manner. The vast oil reserves in Africa hold the potential to shape the trajectory of the global oil industry in the years to come.

 

The enclosed video-graphic shows the WORLD’s oil reserves by country.

Africa’s oil potential is vast!

 

 

 

 

 

[Julian Cole]

@africamonetary The science is clear: Empirical evidence and an overwhelming 99% of scientists unequivocally agree that human-induced greenhouse gas emissions is the primary driver of climate change.

 

Central to the discourse around fossil fuels are the myriad environmental issues stemming from their use. These issues, exacerbated by their escalating use, involve conditions such as acid rain, oil spills, air pollution, smog, climate change & global warming, coral bleaching, glacial melting, rising sea levels, etc.

 

The combustion of fossil fuels precipitates the release of enormous amounts of atmospheric pollutants, including nitrogen oxides and sulfur oxides, culminating in the increase of acid rain formations.

 

Acid rain can destroy vegetation, lead to soil and waterway contamination, and have adverse impacts on environmental biodiversity. On a human impact level, air pollution caused by the burning of fossil fuels engenders severe health problems, including respiratory ailments and carcinogenic risks.

 

Another impact to the environment is smog formation. Smog can be a problem in large cities areas, such as in India, and contributes to low visibility and “dirty skies.”

 

If we look at empirical evidence – economic, environmental, social and human, listen to what scientists have to say, [including the most impacted communities]; the best way to move forward is by keeping fossil fuels in the ground, and accelerating a just transition towards a clean, just ‘community-led’ future for all.

 

 

[Onkọwe]

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