With global demand for oil and gas remaining more robust than previously expected, the outlook for African hydrocarbon project financing is better than it has been for perhaps a decade. In addition to traditional revenue-raising upstream plays, African governments are increasingly opting for a combined gas and renewables energy mix to spur development.
Bracewell’s Olivia Caddy told African Energy that Africa’s upstream had seen a shake-up in recent years through increased merger and acquisition activity – typically involving energy majors selling assets and through consolidation of exploration and production firms.
Elsewhere, majors are forming joint ventures “to get more access to capital, sharing costs, sharing risk”, Caddy said, predicting this trend would accelerate in the future.
