Oil and Gas in Africa is the biggest growth and development key player
Out of all the commodities extracted and produced, Oil and Gas in Africa is what leads the continents growth the most. This is so much so that Africa is set to cater for one of the fastest rates of global oil demand growth in the medium term, increasing by an average of over 4% on a yearly basis between 2012 and 2018. This increase is double the rate in Asia and far above the global average of 1.3% for the period.
Many Oil & Gas companies in Africa have placed themselves to profit from the increase Oil and Gas in Africa discoveries with regards to business generation. Nigeria and Kenya are the more obvious and massive contributors towards Oil and Gas in Africa discoveries and the countries Burkina Faso and Tanzania are the less known contributors to Africa’s Oil & Gas demand increase due to the replacement of wood and charcoal for cooking from Burkina Faso to Tanzania.
Proof that Oil & Gas in Africa is growing…
Vitol is the world’s largest independent oil trader that in the past solely focused on exporting crude oil from Africa to international destinations. Vitol now claims involvement in the third-largest network of petrol stations in Africa. Over the next 3 years Vivo intends to expand its business in order to profit from the increase in local demand for refined oil products by spending over $250m in Africa.
The thing about Oil & Gas in Africa that is attracting international investors is that the continent comprises of markets where both the demand is booming and there is also a strong need for infrastructure.
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