Ventures Africa: Oil and Gas In Africa: An Early Review of 2014

Africa re-established its title as the globe’s exploration hotspot in 2013. Six of the top 10 global discoveries in the oil and gas sector in 2013 were made in Africa.

This year may not match that same statistic but discoveries by the majors and independents should still impress. Statoil discovered an additional 2 to 3 trillion cubic feet (tcf) of natural gas in the Piri-1 well which brings the total in-place volumes up to 20 tcf. Eni discovered 500 million barrel of oil equivalent (BOE) of gas in Gabon which should breathe life into the country’s oil and gas sector, suffering under a credibility problem. Furthermore Eni’s recent shallow water find in the Congo, with an estimated 1 billion BOE in place, of which 80 percent is oil, is not something to ignore.

Africa holds approximately 7 percent and 8 percent of the world’s respective gas and oil reserves. How those reserves turn into actual production is another discussion. Some countries face serious infrastructure concerns going forward.
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