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A $100 million deal struck every four days in Africa-Report

oil paint by Ismael Kateregga

French giant Total, together with CNOOC bought into Uganda’s oil fields early last year.

Africa has seen a flurry of activity in its oil and gas sector, with an average of a deal worth 100 million dollars being struck every four days in 2011 and 2012, according to a recent report by PwC, the leading energy advisory firm in the world.

The June 2013 issue of the Africa Oil and Gas Review offers a peek into the increasing volumes of trade in Africa’s oil and gas industry, worth a total value of 19 billion dollars in the last two years.

It further underscores Africa’s growing influence in the global energy markets, to which it contributes about 9 million barrels of crude oil daily, 12 percent of the global daily supply.

This position is likely to improve with new licensing rounds for acreage across Africa expected at the end of this year and early next year in Uganda, Nigeria, Morocco, Angola and Kenya, among others. At least 2,200 blocks across Africa remain unlicensed.

Report by CM