PwC's 'Fit for $50 oil in Africa' analysis explores the risks, opportunities and challenges associated with reduced oil prices, unique operating environments and global demand. Africa has seen substantial successes in the exploration for hydrocarbons over the last decade, including the entry of new country players.
In 2013 alone, six of the top 10 global discoveries by size were made in Africa – including some of the largest discoveries in the last decade in East Africa. Oil revenues make up a large portion of the GDP for many African countries. The key to surviving the ups and downs of the cyclical oil & gas market is to learn how to adapt quickly. Oil & gas explorers must rethink their capital expenditure on exploration activity across the African continent in the wake of the significant drop in the global oil price.
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