Price Water Cooper’s Africa oil and gas review 2016 has said out of Africa’s current proven natural gas base of 496.7 trillion cubic feet, 90 per cent is produced from Nigeria, Libya, Algeria and Egypt.
This report is coming in spite of the drop in the global oil price which has led to a reduced level of activity across the African continent and has taken a toll on the economy of countries that have oil and gas as their mainstay.
PwC Africa Oil and Gas advisory leader,Chris Bredenhann in the review, said; “It is an opportune time for local governments that want to attract oil and gas investors to reform their regulatory, fiscal and licensing systems.”
The review suggested that with the ongoing focus on cost reduction in the industry, the demand for innovation in technology would grow.
There was also a significant rise in the challenge of meeting taxation requirements as well as government relations this year.
