Experts ‘Cautiously Optimistic’ about Africa Oil, Gas Exploration

License rounds, data, natural gas development and sound policy with input from industry players are key to unlocking more oil and gas investment in Africa, particularly in Nigeria, according to a panel of energy industry experts.

The Africa exploration-focused discussion, moderated this week by the African Energy Chamber’s Verner Ayukegba, was held as Nigeria—the biggest oil producer in Africa—made notable headway on an oil reform bill that has been in the works for about two decades and launched its first marginal oilfield licensing round in nearly 20 years. It also comes as Africa’s energy sector, like other parts of the world, copes with COVID-19, slowed energy demand, smaller budgets and fewer jobs with access to capital difficult for some.