26 June 2013, Lagos – Africa’s oil reserves has hit 132.4 trillion barrels of oil and represents eight per cent of world supply, PriceWaterHouseCoopers, said in its latest survey on the continent’s oil and gas sector.
The survey, which was released recently and titled: “Africa Oil and Gas Review”, puts the continent’s gas reserves at seven per cent.
It disclosed that Africa currently supplies about 12 per cent of the world’s oil, boasting significant untapped reserves estimated at eight per cent of the world’s proven reserves.
The report said the continent has natural gas reserves of 513 trillion cubic feet (Tcf) with 91 per cent of the yearly gas production of 7.1Tcf coming from Nigeria, Libya, Algeria and Egypt.
According to the review, the oil and gas industry is grappling with the severe stresses of a challenging economic and political environment on the African continent fuelled by poor physical infrastructure, corruption, an uncertain regulatory framework, and a lack of skills.
The survey draws upon the valuable experience and views of industry players in Africa‚ including international oil companies operating on the continent‚ national oil companies‚ service companies‚ independent oil organisations and industry commentators‚ to provide insight into the latest developments affecting the industry.
It stated: “Africa supplies about 12 per cent of the world’s oil‚ boasting significant untapped reserves estimated at eight per cent of the world’s proven reserves. The continent has natural gas reserves of 513-trilli
