In Africa, where the oil and gas industry drives the economic engine of several of its largest economies, the need for innovation in the oil and gas value chain is critical to its continued growth and success. By the end of 2013, Africa was estimated to have 228 billion barrels of oil-equivalent, with oil making up 56% of this and gas accounting for the remaining 44%, according to EY.
The US was until recently the largest buyer of African crude oil, but exports dropped from a high of 1.8m barrels a day in 2005 to only 274,000 in 2015. There is hope that the new administration’s policy changes could herald an era of renewed oil exports to the North American market.
According to PwC, one of the key areas oil and gas companies should focus on if they are to weather the storm is in exploiting new technology to innovate, minimise costs and extract further value from existing infrastructure. And of all the emerging technologies, IoT presents the greatest benefit to the oil and gas sector.