If Europe seeks a true alternative to Russian oil and gas, it has the one big and largely untapped option right on its doorstep. Africa. Now, this is no untouched virgin but many huge areas of the continent have never been properly prospected for security and political issues. Developing Africa would mean a long-term effort to cultivate relations with not only one but a whole plethora of those countries. This also means getting involved in solving some of the problems. That won’t be easy at all. But if Europe does not want to pimp it’s own upstream, Africa might be all it has.
Greenfield investments in Angola and other leading and emerging hydrocarbon producing countries in Africa will help increase cumulative capital expenditure across the continent’s oil and gas sector in 2022 and beyond.