With the U.S., EU and U.K. looking to phase out Russian gas imports, western leaders could look to LNG projects in sub-Saharan Africa to soften the landing.
Verisk Maplecroft noted that BP is furthest along in efforts to bring online a major LNG project in sub-Saharan Africa and could double down on these, particularly at the Tortue gas fields straddling the border between Senegal and Mauritania.CEO Claudio Descalzi announced earlier this month the Italian giant is able to provide Europe with an additional 14 trillion cubic feet of gas between now and 2025 from assets situated around the world, including in Angola, Congo, Nigeria and Mozambique.
Mozambique is also host to colossal natural gas reserves, with several European energy giants establishing facilities in the country, but it isthat has forced shutdowns at some of these facilities in recent years. "An improved gas price environment could swing the balance of profitability for a number of projects in Nigeria, allowing for additional supply for existing and planned LNG projects," the report said.
The analysts also noted the beginnings of a revival of interest in the dormant Fortuna FLNG project in Equatorial Guinea.
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