This according to a PricewaterhouseCoopers’ (PwC) survey ‘Energy & Utilities: The Africa Oil & Gas Survey 2010‘.
However, the sector was not immune to the global recession and the uncertain oil price which has resulted in cancellation and deferral of projects, layoffs, cost cutting measures and a general re-evaluation of many companies’ strategies.
Chris Bredenhann, Energy Southern African Leader of PwC says, “International oil consumption decreased approximately 2% in 2009, yet in Africa it remained steady and is expected to grow globally and in African regions by around 2% this year. This means that strategy and long range planning are going to play an important role as oil and gas companies must control costs to bolster growth.”
Africa is rich in untapped natural oil and gas reserves. With recent finds in Uganda and Ghana, the continent is certain to experience a flurry of exploration activity. Furthermore, Africa is expected to pass North America in 2011 and become the third largest producing area after the Middle East and Central/Eastern Europe.
“The energy and enthusiasm surrounding oil and gas in Africa is almost palpable at the many industry events and in our conversations with clients across the continent”, said Bredenhann.
Read More: Afronline