Safety and environmental worries rank lowest on oil executives’ priorities lists
Safety, health and the environment are the lowest priorities for oil and gas executives for the next three years — although in 2013 they were the top future priority — as companies struggle to survive in a tough pricing environment and BP’s 2010 Macondo well disaster has largely faded from memory, according to the global advisory and audit firm PwC’s sixth oil and gas review, which surveyed the views of 60 executives in the sector on current and future challenges.
Africa has 7.6% of the world’s proven oil reserves and 7.5% of proven gas reserves, according to PwC. After years of exploration on other continents, Africa has attracted more attention. Potential industry investments in Nigeria, Egypt, Libya, Angola and Mozambique are expected to be worth $40bn a year over the next five years.