Spy Ghana: Tanzania & Mozambique take top spots for oil and gas

Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers.

Large gas finds in Mozambique and Tanzania would make the world “take note of east Africa as an emerging player in the global industry,” said the report’s advisory leader, Chris Bredenhann.

The boom has brought investment opportunities, despite the lingering challenges of corruption, lack of infrastructure and regulation.

Transactions worth some $1 billion occurred every 17 days in Africa’s oil and sector last year, the report said. Still, the continent faces fierce competition for vital investment from other parts of the world, the PWC report cautioned.
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