Strides in the Jubilee Fields by Tullow Oil in Ghana was pushed up by six per cent due to sales of oil and gas exports from Scotland to Africa between 2011 and 2012 and raised the value of the country’s international trade sales to £1,195 million.
A report released last month by the Scottish Development International (SDI), Scotland’s investment promotion agency, reflected a more than 15 per cent swing in the growth rate of total sales into Africa by Scottish companies between 2009 to 2010.
The impressive performance of the sector comes at a time when many parts of the world’s economy are experiencing a decline, which reinforces the growth of the Scottish oil and gas industry on the global market.
The report further highlights Africa’s role as a major oil producer with a tremendous potential for future growth, supporting estimates included in the 2012 BP Statistical Energy Survey that Africa supplied 11 per cent of the world’s oil in 2010 and in 2011, had oil reserves of 132 billion barrels.
These reserves represent about eight per cent of the world’s reserves and would provide oil for 41.2 years at current production rates.
According to the report, Ghana, in particular, was a profitable investment opportunity and trading partner as the SDI report revealed Scottish trade in the oil and gas service/supply sector with the country totalled £42 million in 2012.
This figure was partly due to the operations by Scotland’s Tullow Group, a major partner in Ghana’s Jubilee Field, where current oil production stands at 110,000 barrels per day.
Commenting on the survey report, Mark Hallan, Scottish Development International’s Senior Director for Europe, Middle East & Africa, said; “Africa is rapidly becoming a major market for Scottish expertise in the oil and gas sector.
Over the last five years, the region has seen an increase in Scottish investment in areas such as oil exploration and drilling.
We have seen Scottish oil and gas companies like Tullow Group and Bowleven plc become major investors in Africa. Our focus now is to deepen trade and investment in the region for the mutual growth of our economies.”