Africa a prime focus of oil and gas investment

The latest results of a bank survey show that United Kingdom (UK) oil and gas companies are keen to expand international operations, with Africa emerging as a prime area. The Bank of Scotland’s third annual oil and gas sector report, titled “Rising Fortunes 3: Examining Growth in the Oil and Gas Industry’ and published on April 9, found that Africa is now the most attractive location for overseas expansion for UK oil and gas companies, although the US and Middle East remain key markets. The rapid growth in conventional oil and gas discoveries in Africa – particularly East Africa – explain the continent’s allure, Bank of Scotland added. The survey was conducted across 100 UK-based oil and gas firms and the report stated that international income would amount to 44% of the annual turnover of these firms. Of the 100 companies surveyed, 64 cited overseas expansion as their top priority. Africa was the primary target area for 21 firms and the Middle East was the preferred destination for 18 companies, the survey revealed.