Africa’s upstream oil and gas sector is undergoing a transformative shift. In recent years, majors have scaled back their exposure to mature, non-core assets across the continent, opening the door for a new wave of regional independents, traders, and non-African national oil companies (NOCs) to step in as consolidators and value creators. Angola and Nigeria have been the epicenters of this consolidation wave. Angola saw the formation of Azule Energy through the BP-Eni portfolio merger, where the new independent has already created value by…
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