Letter from Africa: Investors should look beyond region’s challenges

Opportunities abound as hydrocarbons remain crucial to growing energy needs

Analysts are bullish on Africa Oil Corp., and it is easy to see why. During the first months of 2023, the Canada-headquartered company beat the S&P 500 by double digits, largely by virtue of its stake in TotalEnergies’ massive Venus prospect offshore southern Namibia. Venus, which is believed to hold billions of barrels of oil and associated gas, made headlines in 2022 as the year’s largest hydrocarbon discovery and TotalEnergies’ biggest find in decades. As for Africa Oil Corp., it is the only publicly listed independent E&P company with exposure to the Venus discovery, through a 30.9pc shareholding in privately owned Impact Oil & Gas. Africa Oil Corp. is focused on producing oi