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Africa's Energy Resources in the Limelight as Oil Summit Commences in Cape Town

The conference started with an announcement by Senegal of the launch of an oil and gas licensing round for three offshore blocks, while climate change activists Extinction Rebellion staged an ‘oil spill’ at the venue, to protest the oil industry’s impact on the environment.

This year’s summit comes at an astonishing time for the African oil industry, analysts say. Over the last decade a spate of new oil and gas finds in East Africa and along the Indian Ocean seaboard has grabbed the attention of large international oil companies (IOCs) and boosted investment in infrastructure and exploration technology on the continent.
 
“Renewed optimism has returned to Africa’s oil and gas industry on the back of a rebound in prices and increased investor interest,” says Andries Rossouw, Africa energy utilities and resources leader at consultancy PwC.
 
The outlook for the continent’s industry is also sunny, with oil and gas firms targeting “cautious growth” in areas less vulnerable to external shocks, “while maintaining their cost and operational targets,” Roussouw adds.
 
Source : www.ogafnz.com
Posted On: 11/29/2019 12:00:00 AM

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