African oil and gas is ready to ‘take on tomorrow’, says PwC
PwC’s Africa oil and gas review found new discoveries and mergers and acquisitions are few and far between, but the industry is on the verge of a turnaround
Cost-cutting has streamlined SA’s oil and gas companies to take advantage of rising commodity prices, according to a report by PwC. When the oil price crashed from $110 a barrel in mid-2014 to $35 in early 2012, it brought on tough times for the oil and gas sectors, particularly in Africa. Xompanies were forced to become lean and mean to turn their fortunes around. PwC’s advisory leader on Africa oil and gas, Chris Bredenhann, released the review on the sidelines of the Africa Oil Week conference in Cape Town on Tuesday. PwC’s Africa oil and gas review found that “great expectations” for African oil and gas are yet to be realised — new discoveries and mergers and acquisitions are few and far between, and production numbers are fairly flat. But Bredenhann said the industry is on the verge of a turnaround with a positive outlook. That’s good news, not just for oil and gas companies, but also for African countries that rely on revenues generated by these sectors to meet countless socia...
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