Author Topic: Europe Does A Complete U-Turn On African Oil And Gas  (Read 27 times)

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Offline Ptarmigan

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Europe Does A Complete U-Turn On African Oil And Gas
« on: July 20, 2022, 09:07:33 PM »
Europe Does A Complete U-Turn On African Oil And Gas
https://oilprice.com/Energy/Energy-General/Europe-Does-A-Complete-U-Turn-On-African-Oil-And-Gas.html

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-As European governments race to secure every drop of natural gas that they can, consumers in countries like Nigeria and Mozambique are losing out.
-The hypocrisy of Europe asking for oil and gas from countries that, just last year, it had told to keep fossil fuels in the ground only makes it harder to take.
-While there is uncertainty regarding whether African oil and gas countries have time to exploit their resources, this reversal from Europe certainly gives them a chance.

European governments are scouring the world for natural gas as they seek to reduce their overwhelming and increasingly uncomfortable dependence on Russia's Gazprom.

Besides the United States, which has done its best to supply as much LNG as possible to its European allies, several African countries have emerged as potential sources of additional gas supplies. But they are not exactly happy about it.

"The gas here goes to Bonny and Europe to power homes and industries but we have no benefits from it," one local community development activist from the Niger Delta told Bloomberg recently. "Nothing comes to us."

Europe is getting more oil and gas. This time from Africa. Africa is not happy about it, especially Mozambique and Nigeria.

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Yet there is a much bigger problem with Europe and its thirst for African hydrocarbons. Hypocrisy.

For years, new oil and gas field development and pipeline construction projects across Africa have suffered setbacks because of Western banks and governments' unwillingness to fund new hydrocarbon projects as the crusade on carbon emissions gathered pace.

Now, suddenly, the tables have turned with a deafening crash. The G7 is suddenly all for new oil and gas investments abroad after committing to suspend these just last November at the COP26. And Europe, that same Europe that has been advising African countries to focus on renewable energy and keep the oil and gas in the ground, is now asking for gas.

The International Energy Agency has joined the discourse, too, adding urgency to the continent's hydrocarbon development outlook. In a report released last month, the IEA said African gas producers had limited time to commercialize their resources, saying these producers needed to act quickly because the world would only need gas for a while before going low-carbon.

Talk about hypocrisy and virtue signaling.
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