Globally oil and gas project activity slowed with rig counts down to record lows. North Africa still has more than $50 billion of active oil and gas projects with 52% in pre-construction.
Libyan warring parties signed a peace accord in Switzerland during the third week of October 2020. Even prior to the historic event oil fields in the country were brought back online and production capacity ramped up. During October 500,000 barrel-per-day output was achieved and the 1 million barrel-per-day target announced.
Oil prices have been stable for a number of weeks around the $40 mark for both Brent and WTI. OPEC reiterated its commitment to ensuring a stable oil price and maintaining strict measures to ensure a stable supply and stock levels.
The global rig activity is at record lows. Only a few countries are moving forward with new oil and gas projects, both upstream and downstream.
North Africa has abundant gas supplies and exports large volumes to Europe and other parts of the world. ABiQ tracks more than $50 billion of active projects in the region with the majority – 52 percent – still in the pre-construction phase.