Energy: African oil, has ‘set for boom’

Africa’s oil and gas sector is showing growth despite regulatory uncertainty and corruption, according to a report released yesterday. “As a result of numerous challenges in the market, meticulous planning is required,” PwC Africa oil and gas advisory leader Chris Bredenhann said at the release of the report in Johannesburg. The problems were fuelled by corruption, fraud, poor infrastructure and a lack of skills, he said. The report, titled: “On the brink of a boom”, analyses events in the past 12 months in the oil and gas industry across major African markets. Bredenhann said despite the problems facing the industry, new hydrocarbon fields were developing at a significant pace. – Sapa