Africa

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  • Type: Business and industry issue
  • Date: 5/20/2014

Oil & Gas Africa Sector Report 

Africa’s oil history stretches over a period of several decades, in some places it is even a century old. Presently, there are about 500 oil companies that participate in African hydrocarbon exploration.

 

According to the BP Statistical Review of Energy, Africa’s proven oil reserves have grown by almost 150% since 1980 – increasing from 53.4 billion barrels at that stage to 130.3 billion barrels at the end of 2012. This is an average annual growth rate of 2.8%, which is the second highest continental growth rate in the world after South America over that period.

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KPMG released its 2014 Oil & Gas Africa sector report, focusing on reserves, potential and the prospects of Africa.

 

Some interesting facts coming out of the report include:

 

  • Algeria’s exports were 15.3 billion m3  in 2012, placing them seventh globally as an LNG exporter
  • African countries  99.9 billion m3 gross gas exports by in 2012
  • Africa accounted for 7.8% of global reserves at the end of 2012
  • Angola’s gas reserves rose from less than 57 billion m3 in 2007 to 366 billion m3 at the start of 2013
  • Equatorial Guinea is the fifth largest gas producer on the continent
  • Around 55% of Africa’s gas exports are made in the form of LNG
 

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