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Africa’s energy industry could soar in the coming years, with Mozambique and Tanzania set to emerge as new frontiers if they can attract enough badly needed investment, a report said Wednesday.
Six of the top 10 global discoveries in 2013 were made in Africa, with more than 500 companies now exploring across to the continent, according to a study by PriceWaterhouseCoopers.
Large gas finds in Mozambique and Tanzania would make the world “take note of east Africa as an emerging player in the global industry,” said the report’s advisory leader, Chris Bredenhann.
The boom has brought investment opportunities, despite the lingering challenges of corruption, lack of infrastructure and regulation.
Transactions worth some $1bn (€760m) occurred every 17 days in Africa’s oil and sector last year, the report said.
Still, the continent faces fierce competition for vital investment from other parts of the world, the PWC report cautioned.
“A huge obstacle to growth in Tanzania and Mozambique is the cost of the infrastructure required, which neither country can afford without help from foreign investors,” it said.
Nearly nine million barrels of crude were produced every day in 2013, more than 80% of which came from established players such as Nigeria, Libya, Algeria, Egypt and Angola.
In gas that is even more concentrated, with nine tenths of annual natural gas production of 6.5 trillion cubic feet coming from Nigeria, Libya, Algeria and Egypt.
Still, Mozambique could become a major player in the Asian market on a par with Australia, the United States and Papua New Guinea when it starts exporting gas, expected in 2020, the report said.
Already majors such as Eni, Chevron and BP have invested in its gas fields, some of the largest discovered in the past decade.
Demand for oil in Africa was also expected to “rise significantly” over the next 20 years, driven by population growth, urbanisation and the emergence of a middle class, the report said.
Source: Fin24
Can you think of one reason why you wouldn’t work with a seasoned, local recruitment agency?
What should you look out for? The ability of a company to provide reliable, competent solutions lies in a number of crucial factors. Read more
Believe it or not, but studies have shown that around 85% of people applying for a job eliminate themselves in a basic way. They apply for the wrong job, have typos in their resume, use generic cover letters, show up late for the interview, and more. This fact is actually good news for you! You’d only be competing against the 15% that do things right. It takes nothing more than a little time and effort to get things right, but it makes all the difference when landing a job.
Research: Conduct intensive research about any company in which you have an interest before attending an interview.
Editing: Have your resume and cover letters triple-checked, and then check it again. Nothing is more unprofessional than a misspelt word, or a grammatical error on your application.
Rehearse: Before an interview, think about what you are going to say.
Dress: Always dress to impress! You always want to look, at least, 10% better than the person who is interviewing you, regardless of the position for which you are applying.
Post Interview Follow-up: Always send a thank you email, or letter, after an interview. With a little bit of preparation and follow-up, you will be better off than the 15% of your competition!