The trend of increasing crude oil reserves in Africa, which currently supplies about 12 percent of the world’s oil, is anticipated to continue, PricewaterhouseCoopers (PwC) has said.
According to the global professional services firm, oil reserves in Africa have increased in the last two decades from 5.8 percent in 1991 and 7.6 percent in 2001, adding that Africa boasts untapped reserves, estimated at 8 percent of the world’s proven reserves.
The continent has proven natural gas reserves of 513 trillion cubic feet (Tcf) with 91 percent of the annual natural gas production of 7.1Tcf coming from Nigeria, Libya, Algeria and Egypt, said PwC.
Africa is said to be seeing continued growth, with East Africa emerging as a new source of gas and oil. Significant gas finds in Mozambique have created the potential for another African super player.
Uyi Akpata, PwC Africa oil and gas leader, while speaking ahead of the firm’s first African Oil and Gas Leadership Conference, which kicks off Thursday in Accra Ghana, said the conference will seek to explore new topics, discuss industry convergence, as well as challenges faced by oil and gas companies operating in the region.
The two-day conference, with the theme: ‘Africa in the race for Global Energy Needs,’ …