The outlook for Africa’s oil & gas industry is positive amid difficult operating and economic headwinds. Tough economic and external conditions have placed pressure on oil & gas companies to be more cost-effective and efficient. Companies have adapted to a low-cost environment, which promises to be even more beneficial given the current recovering oil price. These are some of the highlights from PwC ’s annual Africa Oil & Gas Review released today at the 25th Africa Oil Week conference, 2018 held in Cape Town.

“Africa’s oil & gas companies have weathered the downturns and capitalized on the upswings focusing their efforts on new ways of working, reducing costs and utilizing new technology,” Chris Bredenhann PwC Africa Oil & Gas Advisory Leader says.

Companies have taken to restructuring their portfolios with a focus on established regions, less exploration, higher value plays with low break-even-cost, and projects with shorter lead times and lower risk. The industry has also renewed its focus on delivering projects on time and on budget.
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