Oil and gas com­pa­nies need to get strate­gis­ing

Finweek English Edition - - IN BRIEF -

The lower oil price may hurt ex­plo­ration ac­tiv­ity on the African con­ti­nent as oil and gas ex­plor­ers re­visit their bud­gets and de­cide where to al­lo­cate their limited cap­i­tal spend, PwC said i n a new re­port. Africa has seen sub­stan­tial suc­cesses in the ex­plo­ration for hy­dro­car­bons over the last decade, in­clud­ing the en­try of new coun­try play­ers, mainly in East Africa. In 2013 alone, six of the top 10 global dis­cov­er­ies by size were made on the con­ti­nent. Oil and gas com­pa­nies now need to plan for the up­turn that is sure to fol­low to en­sure that the po­ten­tial boom does not go bust, PwC said.

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