Come to Grips with the Key Issues Reshaping the African Oil & Gas Legal Landscape
This Summit comes at an exciting time for Africa’s oil and gas industry as it continues its stride to become a global oil and gas powerhouse. Africa supplies approximately 11% and 7% to the global oil and gas demand respectively, and contains 10% of the world’s proven oil and gas reserves. Additionally, it has 15.7% shale gas potential and approximately 2,200 unexplored/unlicensed blocks. On average, a new deal is struck every four days with a total deal value of USD 19.4 billion in recent years and potential industry investment with foreign direct interest of USD 30 billion per annum.
Massive discoveries have been made around the continent in countries such as Mozambique and Tanzania. Nigeria continues to be a sleeping giant waiting to realize its full potential, with others such as Angola aiming to displace it as Africa’s number one producer, and the rest of Africa showing promising infrastructure and regulatory developments. Gleaming opportunities await sparking intense investor interest in the continent, as evidenced by 500 oil companies participating in Africa’s oil and gas exploration activities alone.
In order to mitigate the risks and address the opportunities brought by large scale exploration and production activities, various countries such as South Africa, Tanzania and Mozambique are planning and implementing changes to their oil and gas regulations… Continued. To read whole article please visit: magenta-global.com
