As we step into the second year of the pandemic, the question at hand, globally is, how are we going to recover from the Covid-19?
In the 2nd edition of “Billions at play: The future of African Energy and Doing Deals”, NJ Ayuk, provides some insight on how leaders and investors can build success from the oil and gas industry. The book opens with a foreword with OPEC Secretary General , H.E. Mohammad Sanusi Barkindo who describes Ayuk as someone “who has never been one to shy away from different conversations.”
The book offers pragmatic answers and solutions to the historic challenges that the industry has faced throughout 2020 by detailing actions that can be taken from tax breaks to new government regulations. Titled ‘How we’ll recover from Covid-19’, this chapter delves into how the strategic use of Africa’s natural petroleum resources, can open the door to prosperity and stability for everyday Africans across the continent.
“I’ll be honest, Covid-19 has been a nightmare, and I believe we’re going to see more difficulties before we’re through. But I also believe that throwing up our hands and simply letting this economic devastation decimate Africa’s oil and gas industry is ill-advised,” writes Ayuk.
Covid-19 had a negative impact on upcoming projects and production on the African continent. For instance, Pecan Field Development in Ghana was cancelled with expectation to resume production at the end of 2021. There has also been a suspension of the Ezanga License in Gabon, whereby operational expenditures had to be reduced by 20 percent as well as the development Capex by 60 percent. This has had a detrimental effect on Gabon, a country that is heavily reliant on oil export revenue. Production in projects such as the Gharb Basin in Morocco also had to be delayed because of Covid-19, even though the project has been so successful.
“Releasing an updated edition of Billions At Play seemed like the most natural step to me as the energy sector was one of the hardest hit,” said Ayuk. “It was important for me to provide a central place where optimism can be offered regarding the affected world class oil and gas developments the continent was set to make progress on last year.”
Distributed by APO Group on behalf of African Energy Chamber.
NJ Ayuk is Executive Chairman of the African Energy Chamber (http://EnergyChamber.org), CEO of Centurion Law Group, and the author of several books about the oil and gas industry in Africa, including Billions at Play: The Future of African Energy and Doing Deals.