• Industry: Energy & Natural Resources, Oil & Gas
  • Type: Survey report
  • Date: 7/22/2013

Oil & Gas

KPMG's Africa Oil & Gas practice provides our member firms' clients with services on a global basis through industry professionals who have an in-depth understanding of the challenges faced by oil and gas companies.

Oil & Gas in Africa 

Africa is home to some of the world’s fastest-growing economies, many of them buoyed by new oil and gas finds, including Mozambique, Tanzania, Kenya, Uganda and Ghana. Even though the international price of oil is presently projected to moderate somewhat in 2013 from last year, oil prices are expected to remain more than 75 percent higher than in 2009. As a result, Africa’s key oil producing countries are expected to continue to list amongst those countries expanding the fastest on the continent.
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Africa boasts with a long list of oil producing countries. According to data from the US Energy Information Administration (EIA) from 2010, 16 of the 54 countries in Africa are exporters of oil, namely Nigeria, Angola, Libya, Algeria, Sudan, South Sudan, Equatorial Guinea, Congo (Brazzaville), Gabon, Chad, Egypt, Tunisia, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), and Mauritania.


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 figures from the US EIA, Africa’s proven oil reserves have grown by nearly 120 percent in the past 30 years or so, from 57 billion barrels in 1980 to 124 billion barrels in 2012. In addition, it is estimated that at least another 100 billion barrels are offshore Africa, only waiting to be discovered. In turn, Africa’s proven reserves of natural gas have grown from 210 trillion cubic feet (tcf) in 1980 to 509 tcf in 2012, representing growth of over 140 percent. Furthermore, recent further discoveries of sizable natural gas reserves in Tanzania and Mozambique point to significant upward potential for these figures.


Much of Africa is still relatively unexplored or underexplored. Increasingly, China will become the destination for more of Africa’s oil, with the Asian powerhouse extending its influence on the continent via foreign direct investment, increasing trade ties, and resources for infrastructure deals.


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Wayne Jansen
Global Head of Mining; Africa Head of Energy and Natural Resources
Tel: +27 (0)11 647 7201


Dimeji Salaudeen

Head,Oil and Gas Sector, Africa

Tel: +23 412 718 955