Since the start of the economic crises, an increasing number of the former colonial powers, the United Kingdom, France and even the world's superpowers, the United States and China have turned to Africa to seek new business opportunities. According to US Senator Chris Coons, "'Foreign direct investment in the past 10 years has gone from $15 billion to close to $50 billion today'". The IMF's forecast that the region will grow around 5% this year has boosted already high interest in a region that has seen a significant number of oil and gas discoveries, particularly across East Africa. Under-explored in the last decade, things are certainly set to change.
In a recent survey by PriceWaterHouseCoopers, Africa's oil reserves have been estimated to hold a staggering 132.4 trillion barrels, 8% of the world supply, satisfying 12% of the world's oil demands. African natural gas reserves ares estimate at 513 trillion cubic feet. Despite a number of obstacles that have hindered the industry's development, "poor infrastructure and an uncertain regulatory framework", being identified by many as the largest, many investors have seen the light. Companies and governments have increased investment in areas such as infrastructure and education to combat these challenges. The annual international Africa & Middle East Oil and Gas Summit and the likewise annual Southern Africa Oil & Gas Summit, held in September 2013 and October 2013, are just two indicators that change is a comin', as international and national industry professionals and government energy ministers meet to discuss investment opportunities, network with key industry players from across the continents and discover new solutions to circumvent the industry obstacles.
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