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IPFS News Link • Oil

This Oil Boom Is Going Under The Radar

• https://www.zerohedge.com, by Irina Slav

The event launched amid higher oil prices and booming exploration activity across the continent with supermajors and independents both upbeat about their prospects there.

If we ignore the waywardness of oil prices, which served as the basis for Africa's oil and gas recovery, and which can once again plunge local oil producers into recession should they drop, prospects are bright.

A PwC report on the state of the oil industry of Africa, released on the first day of the event, noted how local oil and gas field operators had adjusted to the lower-price environment and are now in a position to reap the benefits of higher international prices for oil while their costs remain low.