Predicted rise in oil output sparks African charge

AFRICA AND OIL

Africa is fast becoming one of the world's hottest regions for oil and gas, as it is relatively underexplored. But operating on the continent offers its own unique challenges, as Garry White, chief investment commentator at Charles Stanley Direct, explains

In its most recent energy outlook, BP said it expected African oil and gas output to jump by 47% between now and 2035, taking it up to 10% of global oil production. A number of UK-listed companies are aiming to go along for the ride. Africa is home to some of the world’s fastest-growing economies, many of which have been buoyed by new oil and gas discoveries in countries such as Mozambique, Tanzania, Kenya, Uganda, and Ghana. Some geologists believe the major deep water oil discoveries that have been seen in Brazil can be repeated in Africa. That is because there are similar ‘pre-salt...