Africa is back in oil firms’ sights
PwC’s 2017 Africa oil & gas review reveals global companies are increasing mid-and downstream investment on the continent
Oil and gas companies operating in Africa are resuming investment in selected midstream and downstream projects but exploration remains subdued, according to the PwC 2017 Africa oil & gas review, released on Wednesday. The pick-up in mid-and downstream investment was borne out by the announcement in October that Glencore would invest $973m in the Chevron SA assets, which include retail outlets and a refinery. PwC surveyed 79 individuals from 11 countries across up-, mid-and downstream oil firms and services industries, in an environment of weaker prices following the decline in Brent crude to below $50 a barrel in early 2015 from above $100 a barrel six months previously.
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