Africa, as a continent, is only naturally endowed in energy resources but also deficient in the supply. While the continent constitutes 15% of the whole word’s population, Boris Ivanov opines that the continent is only consuming 3% of the world’s energy. While it is believed that one of the vital functions of power is the promotion of a better while at the same time improving the economic opportunities, the energy is not meeting the demands of the African citizenry.
Boris Ivanov opines that there has been an exceptional change in the global energy markets. The regaining od the oil prices, as well as improvement in the oil exploration, is positioning a positive outlook for the Africans oil ambition as well as its energy landscape. Additionally, there has been oversupply and demand in the global energy market despite a general weakening of the economy.
— Boris Ivanov (@BorisIvanovGPB) November 20, 2019
Boris Ivanov suggests that there is an increase in the investment displayed in the new projects during an economic depression. Besides, the long waited supply crunch is likely to make oil companies to adjust the exploitation lest they continue depending on the declining reserves. The supply crunch is worsened by a shift towards a cleaner energy portfolio.
Boris claims that there is a wide variety of new finds on the continent, which has sparked debate on Africa becoming one of the dominant players in oil and gas. For instance, the magnitude of the oil in Kenya and Uganda has made Total, Tullow as well as CNOOC in investing in the multibillion-dollar pipeline found on the east coast.
According to the international energy report, it is suggested that 40 ‘5 of the Africans power could be provided by renewable by 2040. Boris Ivanov points out that the creation of monetary and monitoring regimes, coupled with investing in the infrastructure, has an impact on aligning the interest of the company. Boris Ivanov corroborates that if the supply crunch does not occur, then the need to invest in the production, as well as exploration, will be impacting the energy market in Africa.