AFRICA, A CONTINENT OF OPPORTUNITIES
This week energy industry executives gathered in Nairobi, East Africa, for the 4th Eastern Africa Oil, Gas and Energy Conference. Significant oil and gas discoveries have been made in Kenya, Uganda, Tanzania and Mozambique in recent years and PricewaterhouseCoopers (PwC) believes the country is poised for growth.
According to PwC’s Africa Oil and Gas Review, Africa currently supplies about 12 per cent of the world’s oil and has significant untapped reserves estimated at 8 per cent of the world’s proven reserves. It also has natural gas reserves of 513-trillion cubic feet with 91 per cent of the annual gas production of 7.1-trillion cubic feet coming from Nigeria‚ Libya‚ Algeria and Egypt.
Proof of Africa’s growing importance in the industry comes in a Scottish Development International (SDI) report which cites Africa as the second most important growth market for Scotland’s oil and gas industry. The report shows that the region experienced six per cent growth in sales in 2011/12, accounting for £1,195 million total international sales from both direct exports and overseas subsidiaries. It was second only to North America which takes the largest share of Scotland’s supply chain exports totalling £2.6 billion.
Findings of the SDI report support Aquaterra Energy’s development strategy in the Africa, where countries bordering the Gulf of Guinea, including Ghana, Nigeria and Benin, are currently of particular interest. Patrick Phelan, Managing Director of Aquaterra Energy said: “Aquaterra Energy is already involved with interesting and challenging projects off the coast of West Africa and our plan is to continue strengthening our presence and team in the regional to be able to capitalise on growing opportunities.”