Energy cont…

The world Bank has declared 32 of the 8 nations on the continent to be in an energy crisis. Energy development has not kept pace with rising demand in developing regions, placing  a large strain on the continent’s existing resources over the first decade of the new century. From 2001 to 2005, GDP for over half of the countries in Sub Saharan Africa rose by over 4.5% annually, while generation capacity grew at a rate of 1.2%

Fuel

Despite the downturn in oil prices, exploration for oil and gas has continued in Africa, although with a concentration on the lo-hanging fruit represented by low risk wells in areas of existing production that would yield rapid results. As a result, total exploration spend in the region dropped to a low point of ~US$5,000 million in 2017, resulting in a big drop in discovered volumes in 2018.