According to the report, many oil-producing countries around the world are experiencing stagnant or declining production. However, in the Atlantic basin area this is not the case, the United States, Canada, Brazil, Guyana, Argentina and Ivory Coast show an upward trend in oil production .
Over the last five years, since the end of 2019, two countries from the Atlantic basin have joined the very select club of oil producers and exporters. Guyana began production in December 2019, followed by Senegal in June 2024. Currently, Guyana produces over 600,000 barrels per day, and this production will continue to increase until the end of 2027.
In addition, certain countries in the Basin are on the verge of becoming producers or exporters of hydrocarbons, or will become so in the coming years, that is to say by 2030. For oil, this will concern Suriname, in northern South America, and Namibia, in southern Africa. There is no doubt about this, because significant oil reserves have been discovered and will be developed by TotalEnergies in Suriname, and in Namibia, by Shell, TotalEnergies et Galp (Portugal), specifies the Report.
On the other hand, the alliance of 22 oil exporting countries, OPEC+, (including the 12 members of OPEC), is having difficulty maintaining crude prices at a high level. Despite several production reductions decided since the fall of 2022 to limit global supply and thus raise prices, Brent was barely above $74 per barrel in mid-December.
This relatively low price is mainly explained by a continued increase in global oil supply, which has offset reductions made by OPEC+. This increase is due to the increase in production in five non-OPEC+ producing countries, all located on the American continent and on the edge of the Atlantic: the United States, Canada, Brazil, Guyana and Argentina. Production in these countries is expected to continue to grow in 2025, which risks maintaining an excess of supply over demand and weighing on prices. Faced with this situation, during its last meeting on December 5, 2024, OPEC+ was forced to postpone planned production increases. All in all, OPEC+’s efforts to support prices are thwarted by growing production from countries outside the alliance.
The gas pipeline, which will extend over 6,500 km, will include a southern section that will extend the existing gas pipeline linking Nigeria and Ghana to Ivory Coast. Nigeria, through (Nigeria LNG), is set to significantly increase its production and exports of liquefied natural gas (LNG) in collaboration with Gabon, which is expected to boost the regional LNG market. For its part, Côte d’Ivoire, thanks to the major discovery of the “Whale offshore”, the largest discovery of hydrocarbons in the Ivorian sedimentary basin, is preparing to increase its oil and gas production from the end of 2024. Thus, all of these developments demonstrate a growing supply in the West African region, promising in the global energy sector in the years to come, with initiatives aimed at strengthening the energy security all by stimulating economic growth.
About the northern section, connecting Senegal, Mauritania and Morocco, the report predicts that the future natural gas producers will be Senegal and Mauritania by 2025. For the first time in their history, these two countries will start l next year to export liquefied natural gas (LNG) as part of a major joint project called Greater Turtle Ahmeyim (GTA). This project, which is taking place offshore, is managed by the operator BP. The British company collaborates with Kosmos Energy (UNITED STATES), Petrosen (the national company of Senegal) and the Mauritanian Hydrocarbons Company (SMH).
As for Morocco, although it currently has still modest gas production, it plans to put the Anchois offshore field into production in the coming years. The consortium involved, which includes Energean, Chariot and the National Office of Hydrocarbons and Mines (ONHYM), has not yet made a decision concerning the development of this deposit located on the block Lixus Offshore.
In the eyes of His Majesty the King, the Morocco-Nigeria gas pipeline project which was launched in 2016, is “a plan for peace, African economic integration and co-development for present and future generations. »
