Africa Oil Governance Brochure 2015
In the last decade, Africa has been the center of new prospects in oil development hosting an influx of major oil companies and independents most of which have achieved very successful campaigns. In fact, as a result of the new prospects, particularly in the West Africa transformed margins and East Africa Regions, the continent has been described as the last oil frontier of the world. These developments have provided landmark opportunities for African government to transform their economies and deliver tangible development outcomes to the people.
However, experience in Africa and elsewhere have shown that there could be a link between oil wealth and under-development, poverty, environmental problems, and social and economic chal lenges. This phenomenon has been described as “oil curse”.
There is also abundant literature that suggests that oil wealth can be transformative if the structures for good governance are embedded in the political economy of oil development.