RDM: Driven by the thirst for Africa's oil and gas

A colleague in the oil and gas business often says the only thing that is certain about the oil price is that it will go up — or down.

The potential effect of falling oil prices — about 25% in just a few months — on Africa’s otherwise rosy oil and gas future was a key topic of conversation at last week’s Africa Oil Week event in Cape Town, a gathering of every big name in global oil, gas and related services.

The annual event highlighted the superb opportunities offered by the continent, not only in entrenched markets such as Nigeria, Equatorial Guinea and Angola, but also in Gabon’s deep-water terrain and the newer frontiers of East Africa, SA, Namibia and Egypt.

Even states such as Sierra Leone and Liberia, the Ebola epidemic notwithstanding, are attracting global oil companies hoping to uncover the lucrative finds that nearby Ghana has revealed. With the oil price hovering at about $80 a barrel, it is time to be brave — or crazy, one executive said.
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