Bloomberg2 years ago
Africa ’s oil and gas boom is in jeopardy. The dash for resources that saw explorers invest billions of dollars to tap promising oilfields from Ghana on the west coast to Tanzania on the east, is stalling as the global drop in oil prices pushes drillers to reconsider the high costs of exploration on the African continent. For many drillers, 2014 was already failing to reach the promise seen in 2013 when half of the world’s 10 largest oil and gas finds were made in Africa. With oil prices dropping below $50 a barrel, analysts say they expect a more concentrated pullout in 2015.