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Africa Energy Review and Outlook 2022-23: Turbulence on the Road to Recovery
Notwithstanding the resurgence of regional economic activity brought on by the lifting of COVID-19 restrictions, the energy industry in Sub-Saharan Africa continues to be subject to the chaotic push-pull of opposing forces. The region’s economic progress is hampered by COVID-19-era debt, and the Russia-Ukraine conflict is a major concern. Depending on the country, the conflict’s high commodity prices have been both a blessing and a curse for the economy. The conflict has also served as a reminder to investors and policymakers worldwide of the value of energy security, which has encouraged energy investment throughout the region.
Despite a record-breaking year for world-class frontier hydrocarbon finds in the area, energy transition issues will continue to pose difficulties for upstream activities in the future. The region leads in the use of refined products, but this also raises supply problems, notably from the power sector, which increasingly uses liquid feedstocks to make up for grid power shortages. Renewable energy sources, however, might increasingly close some of these holes in the power grid.
This cross-sector analysis offers insight into the challenges and issues the area will face in the upcoming year and reviews the advancements made in the energy industry over the course of the previous year. Our macroeconomic, upstream energy, downstream, power, and renewables research sections provided insight.
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