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New Kids on the Block: Lesson from Big Brothers
New oil discoveries and projections that Africa will be the driver of oil and gas production and consumption are presenting new opportunities to the continent and equally challenging operations of existing producers.
There are concerns about these new producers avoiding missteps of their big brothers in the management of oil revenues. Indeed, natural gas discoveries off the coast of East Africa, deep-water oil discoveries off of upper West Africa, and promising geology along the East African Rift from Somalia to Madagascar—all make Africa one of the most promising continents for energy development in the world.
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“The discovery could hold 1 billion barrels of oil equivalent of gas and condensate resources.”
Similarly, the possibility of significant new revenues has raised hopes that these new discoveries will reduce poverty and enhance Africa’s status as a destination for much broader industrial investment capable of facilitating economic development beyond the energy sector.
INTERVIEW
OLU JOHNSON
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