Prof. Sospeter Muhongo
Depending on your market, the today's price of OIL & GAS ranges are as follows:
CRUDE OIL
US$ 107-130 per barrel
NATURAL GAS
US$ 3.6-4.7 per MMBtu (Metric Million British Thermal Unit)
RECENT NEWS
BBC: Electricity and gas bills for a typical household (UK) will go up by £693 a year in April, a 54% increase.
OPEC Secretary General: There is no capacity to replace Russia's 7 million barrels of oil per day
USA: will release 60 million barrels of oil from reserves to avoid energy shortage.
OECD countries: are releasing 60 million barrels of oil – an equivalent of 12 days of Russian exports – from their strategic reserves to the market.
FORECASTS BEFORE THE RUSSIA-UKRAINE WAR
1 October 2021: Natural Gas demand is projected to increase from 64.2 million boe/d (barrels of oil equivalent per day) in 2020 to 85.7 million boe/d in 2045, the Saudi-led cartel said in its 15th Annual World Oil Outlook (WOO).
21 Feb 2022: Overall global LNG demand is expected to cross 700 million mt/year by 2040, a 90% increase on 2021 demand, SHELL, said
The global trade in liquefied natural gas (LNG) increased to 380 million tonnes during 2021 as many countries rebounded from the economic impact of the COVID-19 pandemic, according to SHELL’s latest annual LNG Outlook.
AFRICA OUGHT TO INCREASE ITS SHARES IN THE GLOBAL NATURAL GAS TRADE
The top 10 African countries with large Natural Gas reserves:
1. Nigeria 206.53 tcf
2. Algeria 159.1 tcf
3. Senegal 120 tcf
4. Mozambique 100 tcf
5. Egypt 77.2 tcf
6. Tanzania 57.54 tcf
7. Libya 53.1 tcf
8. Angola 13.5 tcf
9. Congo (Brazzaville) 10.1 tcf
10. Equatorial Guinea 5 tcf
NB: Africa - The ongoing exploration or unreported discoveries of new natural gas reserves will change the above reported quantities.
AFRICA'S PRODUCTION & EXPORT OF NATURAL GAS
In 2020, ALGERIA produced 85 billion cubic metres (bcm), was followed by Egypt producing 62.1 bcm
Russia's production was 47,805 billion cubic metres (bcm), being the first in the world, followed by Iran (33,721 bcm), Qatar (24,072 bcm), USA (15,484 bcm) and Saudi Arabia (9,200 bcm)
MOZAMBIQUE TO START LNG PRODUCTION OF LNG THIS YEAR (2022)
Recent News from Mozambique: The country has two major projects for production and export of Liquefied Natural Gas (LNG) from the Rovuma Basin, Cabo Delgado province. They are:
(1) Coral Sul gas field FLOATING LNG project in Area 4. ENI (Italy) and its partners aim at producing 3.4 Mtpd (3.4 metric tonnes per day). BP has entered into a long- term contract to purchase all of it!
Latest Information on this FLOATING LNG plant is attached herewith. The pre-commissioning activities are planned to continue until June 2022.
(2) Golfinho-Atum gas field (Area 1), TotalEnergies (France) and partners aim at producing 13.1 Mtpd. It is now reported that the project is on track to deliver LNG in 2024.
BREAKING NEWS
BBC (today, 17.33 hrs): HE President Emmanuel Macron (France) has just announced, at a 2-day EU Summit, that EUROPE plans not to rely on Russia's OIL & GAS by 2027!
It is very important for us to follow very closely the different episodes of investments, production and trade of oil & gas around the world.
Contribution by:
Sospeter Muhongo
Former President of the Geological Society of Africa
Former Vice President of the Commission of the Geological Map of the World (CGMW)
Date:
Friday, 11.3.2022
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