How we made it in Africa: Africa needs to fully leverage its oil and gas resources

Much of the recent economic growth enjoyed by large parts of the African continent has been a direct result of the positive momentum achieved in oil and gas production. The fact that this momentum has been driven by existing producers like Nigeria, Angola, Algeria as well as investment in new producing countries like Ghana, Mozambique, Tanzania, Uganda and Kenya, augurs very well for the future of oil and gas in Africa and for the potential for economic growth overall on the continent.

Although Africa has, over the last decade, controlled less than 8% of the proven oil and gas reserves globally independent oil companies have opened up new oil basins in Ghana, the West Africa Atlantic margin, Uganda, Kenya and the Rovuma basin between Mozambique and Tanzania. As a result of being able to access these additional reserves, Africa delivered over 10% of global oil production and 6% of global gas production in 2013, with exports of both commodities in that year valued at a very significant US$264bn.
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