It is clear that corruption needs to be dealt with in a tough manner, with a zero-tolerance policy and the prosecution of individuals to rid Africa of this problem. Certain types of bribes are not seen as corruption but more of a way to facilitate and expedite transaction. Africa untapped proven oil reserves are estimated to be around 8% of the global total. These reserves continue to increase as appraisal of new discoveries continues. In 2013 alone, 11 of the top 20 global discoveries by size were made in Africa. Furthermore, East Africa gas reserves have not yet been fully appraised and will likely add a significant amount to the proven reserves total for the continent. With proven oil reserves in the region of 130 billion barrels and proven natural gas reserves of 502Tcf, it is no wonder that Africa is becoming a sought after destination for many multinational oil & gas companies wanting to capitalise on the availability of rich natural resources. Being successful in the industry requires the ability to cope in an environment that offers diverse and numerous challenges. Companies need to think hard about their core business focus, must continuously evaluate their business model to ensure it supports its long-term strategy and continuity of operations over the long haul, while still remaining flexible and agile in order to meet the challenges of the future. ----- Extracts from the PwC Report : On the brink of a boom, Africa oil & gas review -- Report on current developments in the oil & gas industry in Africa. July 2014.
Posted on: Sun, 14 Dec 2014 08:43:31 +0000
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