Demand for African Energy Hits All Time High
Demand for African Oil and gas has hit an all time high only days into the New Year. Asian buyers, led by Chinese refiners, have bought a record 1.9 million barrels per day (bpd) of crude from Angola, Nigeria and smaller West African producers in January, up from 1.58 million barrels per day in December.
With increased demand the importance of building a strong and reliable infrastructure to support the booming business expected over 2010 has become paramount. So, a meeting including fifty visionaries such as Dana Gas Egypt - Yassin Darwish, CEO, House of Representative of Nigeria - Petroleum Committee - Hon. Bassey Edet Otu, Chairman, Petrodel - Michael Prest, CEO Repsol - Alvaro Racero, Executive Director, Asia, Europe and Africa (Repsol Upstream), Shell - Babs Omotowa, Regional VP Africa, Tullow Oil, Africa - Andrew Windham, Managing Director Africa, has been called at the NG O&G Africa summit in Kenya organized by GDS International.
India will become the third largest oil importer after the US and China before 2025, with its energy demands expected to almost double by 2030, according to the International Energy Agency. Support is now being offered from India to help build Infrastructure to secure access to oil and gas from energy rich Africa. India depends on imports to meet its oil needs and being the fifth largest energy consumer it must import 78% of its fuel, so strong relationships with Africa will be beneficial to both.
India is keen to capitalize on the opportunities already being used to the advantage of energy hungry China. Having struggled to come up with a cohesive, economic diplomacy policy in Africa it is now in a position to both support and grow its opportunities within the continent. India's trade with Africa is now worth around $39 billion.
Research from NG O&G Africa summit analyst partners IHS Global Insights CERA have also predicted that emerging markets within countries such as Africa will outpace those in developed Economies. 2010 is set to be a huge success for the growing industry in Africa and summits like the NG O&G are set to be the hub for such transformation.