Investment in the oil and gas industry globally is picking up with capital expenditure on the increase, according to Chris Bredenhann, PwC Africa oil and gas advisory leader. “But it does look as if Africa is lagging the global trend by a few months,” he said.
There is however hope that the recent uptick in prices may change this in the near future.
“Africa continues to offer abundant opportunities to explore for hydrocarbons in a frontier market. New hydrocarbon provinces are popping up regularly,” said Bredenhann. “But, to date, the African oil and gas industry continues to play catch-up with the rest of the world. There are, however, new technologies being developed that can enable a profound transformation of the way business is conducted in the industry.”
