Oil and Gas
Africa has a long history in oil production, up to a century old in some parts and only two years in other parts. This has translated into continuous growth in the regional economy with an increased pace in the last five years. Today, Africa is home to some of the fastest growing economies in the world.
AEA is focused on creating the platform for increasing the overall productivity of African countries in oil and gas through regional collaboration for increased and sustainable exploration and production, practical operational readiness and assurance measures, and standardized measurement of local content development milestones and achievements.
Africa holds about 8 percent of the global proven oil reserves, 7 percent of the global gas reserves and 15.7 percent of global shale gas potential. Africa produces about 10.4 to 12 percent of the global oil production volumes (Source: PwC – Africa Oil and Gas review, 2013).
Overall, Africa’s oil and gas prospects are very bright in the short – medium term however, significant progress is required in the areas of political stability, rapid exploration and development of new blocks, increased local refining and demand for products, regional trade in oil and gas, significant development of gas offtake industries, equitable distribution of wealth for national development in oil and gas producing countries, increased local capacity development in large scale project funding and technical services and local content development in the supporting industries.
African Energy Association is committed to ensuring the necessary interractions and alliances are fostered across the African continent with enabling political and economic policies to meet global best practices towards unlocking lasting regional development from Africa’s oil and gas reserves.