Fwd: Should Africa keep its resources in the ground? | Invest in African businesswomen

Should Africa keep its resources in the ground?

Of all the carbon dioxide released from burning fossil fuels over the past two centuries, Africa is responsible for just 2.8%.?It is not surprising, then, that African governments bristle at any suggestion that they should abandon plans to develop their oil and gas resources.?

Several African countries have discovered major hydrocarbon reserves in recent years. Senegal is now set to become Africa’s newest major oil and gas producer. Australian company Woodside Energy plans to start pumping oil from the offshore Sangomar field in the next few months. A gas field operated by BP that straddles the Senegal-Mauritania border is also expected to begin production this year. But it is far from certain that other African countries will be able to follow in Senegal’s footsteps.?

Financing the huge costs of deepwater offshore projects is getting more difficult, with investors wary of fossil fuel projects. Demand for oil in some key export markets is already declining, with gas demand also set to peak in the relatively near future. Against this backdrop, a complex range of factors – which are as much economic as environmental – will decide whether keeping resources in the ground is ever seriously considered.?

In our May issue cover story , we delve into this crucial issue.

- David Thomas, Editor, African Business

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