Petroleum Africa
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Wednesday, November 27, 2013
Middle Eastern firm Crescent Petroleum has interest in Egypt as well as other Middle Eastern places, but it is currently looking to expand into East and West Africa. CEO Majid Jafar told Arabian Business that the company wants to take advantage of Africa’s hydrocarbons boom.
Pricewaterhouse Coopers released an African oil and gas review report that said the continent’s oil reserves stood at 8% of the world supply, 7% of the world’s gas supply, and 24.1% of the world’s shale potential (15.7% in sub-Saharan Africa and 8% in North Africa). Africa has more than 4,200 hydrocarbon blocks indentified with almost half of these blocks open. More than 80% of the 1,300 blocks in North Africa are licensed while only about 30% of the blocks in sub-Saharan Africa are estimated to be licensed. The report said, “In the sub-Saharan regions it is evident that many new opportunities still exist, especially for E&P companies that are willing to take risks.”
Jafar did not name specific countries, but did say: “West Africa has been known to be an oil basin for a long time and East Africa recently has recently become very interesting in terms of oil and gas potential, and specifically in gas. We’re now expanding our business development to include these other areas.”
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