Lower oil prices could slow African regulatory reform

Delays in the development of potential oil and gas projects owing to the sharp downturn in oil and gas prices could potentially lead to a cutback in reforms and regulatory processes and cause the urgency to create an attractive investment destination for oil and gas players to diminish. KPMG Kenya oil and gas director Mark Essex on Thursday said that, with the decline in oil prices, early-stage oil and gas projects in sub-Saharan Africa would likely be deferred, with firms selling off their noncore assets and reducing their equity stakes in assets to focus on a smaller number of field developments and invest in near-term production assets.