It is no longer an industry secret that the new wave of economic stardom and growth is blowing towards Africa and Sub-Saharan Africa will be the epicenter. The region’s GDP has been forecasted by experts to continue soaring and gaining momentum annually based on prevailing socio-economic   indices and also spurred   by the market dynamics in the extractive sector.

With about 9% of the world’s oil reserves based on the statistics of 2010, at present Africa has about 13% of the world’s oil reserves and about 10% of the global natural gas reserves propelled by the new discoveries in Ghana, Uganda, Kenya, Tanzania and Mozambique.  Africa’s major reserves and production are in Sub-Saharan Africa.  According to Consultants Wood Mackenzie, by 2018 Sub-Saharan Africa could be producing an extra 400,000 bbl/d of oil.  It is envisaged that by 2020 more discoveries will be made in the region and production of oil and gas will soar and has the tendency of impacting growth in the economy if well managed.

As the population of Africa continues to grow amid geopolitical situations, surging discoveries and production in the petroleum sector which are key drivers of the envisaged growth, it is becoming more apparent that Africa is about attaining its golden age.  However, for this to happen experts are of the opinion that Africa would have to achieve potentials in the upstream, downstream and nascent Shale revolution and also ensure capacity building.

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