Africa is one of the few investment frontiers where large margins can still be realized. This is according to Ann Norman, General Manager for Sub-Saharan Africa AT Pioneer Energy, US-based oil and gas mining company.
Meanwhile, leading African energy attorney NJ Ayuk is confident that a more equitable and prosperous Africa is within reach. He outlines the avenues individuals, companies and governments can pursue to realize that future in his new book, ‘Billions at Play: The Future of African Energy and Doing Deals’.
Among other things, Ayuk believes Africans need to have better control of their resource wealth, specifically the riches that lie in the continent’s largely unexploited oil and gas basins.
Ayuk also believes that Africa is not completely ready to go it alone. He states that the knowledge and technical prowess of American multinational energy companies are essential to both exploration and production. In recent years, however, as those businesses turned their attention to prolific U.S. shale, they’ve pulled out of opportunities they consider riskier, and that includes Africa.
However, recent market trends based on regulatory political decisions have proven risky in US markets. Africa is one of the few investment frontiers left where large margins can still be realized, and it’s time America started taking these opportunities seriously.
“Like me, Ayuk sees opportunity all around him, and he realizes that appropriate development will solve many of the continent’s challenges, including power generation,” Norman said.
Colorado-based Pioneer Energy is working on solutions to help curb gas flaring in Nigeria and Equatorial Guinea, as well as other markets in Africa. These efforts have largely been spearheaded by Norman, who moved to Nigeria to play a more active role in the country’s energy industry.
Throughout her career, Norman has been instrumental in introducing U.S. companies into emerging African markets, as well as showcasing and driving foreign direct investment in Africa, particularly in the healthcare, energy and infrastructure spaces.