The ongoing Middle East conflict has upended global energy markets, cutting off supplies of approximately 8 million barrels of crude per day and 20% of liquefied natural gas (LNG). However, Africa’s energy giants could ultimately emerge as the long-term winners of this conflict. Leading energy giants in Africa, including Nigeria, Libya, Angola, Gabon, Mozambique, Namibia, and Tanzania, are increasingly viewed as lower-risk alternatives to Middle Eastern suppliers. Italy’s Eni S.p.A. (NYSE:E) is advancing multi-stage development of the "supergiant" Coral natural gas field in the Rovuma Basin, offshore Mozambique, where it’s deploying Floating Liquefied Natural Gas (FLNG) technology to process LNG for export. The European Union (EU) has drastically reduced its reliance on Russian natural gas, with imports falling from roughly 155 bcm in 2021 to an estimated 30 bcm per year in 2025.

Source: The North Africa Journal March 30, 2026 19:40 UTC