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Africa Oil Supply - July 2015

Source: OPEC 7/30/2015, Location: Africa

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Africa’s oil supply is projected to average 2.38 mb/d in 2015, unchanged from both the previous year and the previous MOMR, although the absolute production of 2015 was revised down by 40 tb/d to 2.38 mb/d from 2.42 mb/d in the last MOMR, which was due to a 2014 historical data adjustment. It is expected that oil production will remain stagnant in Egypt, South Africa, the Sudans, Gabon and Africa Others in 2015. Oil output in Congo and Equatorial Guinea will grow by 10 tb/d each, while oil production in Chad will decline by 10 tb/d in the current year.

The Tullow Oil Company has raised its full-year 2015 production forecast in West Africa and remains optimistic despite funding cuts. The company has increased its full year 2015 average working interest production in West Africa to 66-70 tb/d from 63-68 tb/d, according to the company. Production in Ghana’s Jubilee field has been averaging around 105 tb/d during 1H15 and has increased its average working interest production guidance for the field in 2015 to 103 tb/d. Tullow remained optimistic about the TEN oil development in Ghana, which is on track for first oil in mid-2016. And in Gabon, it was still having ongoing license discussions with the government regarding the Onal fields, with an agreement expected soon.

On a quarterly basis, Africa’s oil supply in 2015 will stand at an average of 2.42 mb/d, 2.40 mb/d, 2.37 mb/d and 2.35 mb/d, respectively.

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