African oil & energy sector fuelling global investor growth, says DHL

Steve Harley

This is according to Steve Harley, President, DHL Energy Sector, who says that while Angola and Nigeria have always been the most notable producers within the Sub-Saharan region, more recently, significant gas discoveries in Tanzania and Mozambique, has led to East Africa now receiving its share of attention from global oil companies and potential investors.

“Oil discoveries in Uganda and Kenya have also added to the excitement in the sector as new players look to enter these markets, including some of the largest independent and international oil companies, otherwise known as the super majors, who are now also witnessing the potential in this region.”

He says that in addition to the developments in East Africa, both Namibia and South Africa are also on the radar of investors within the sector. “South Africa in particular is receiving much attention, mostly because of the potential of shale gas in the Karoo, but also because it has a long and largely unexplored coastline, off which many believe large hydrocarbon fields may exist. As a result of the region’s potential, there are several offshore drilling exploration expeditions currently being planned in South Africa by the major oil companies.”

“While exploration activity in Africa is at its highest level ever, the continent remains largely unexplored”, says Harley. PwC’s Africa Oil & Gas review titled From promise to performance released in June 2013, revealed that Africa currently supplies approximately 12% of the world’s oil and boasts untapped reserves estimated at 8% of the world’s proven reserves.