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Africa Energy and Utilities Tax Guide 2020

24/06/21

The beginning of a new decade presents an exciting future for the Oil and Gas industry. This will be shaped by technology, government policies and the state of the global economy. COVID 19 has been a disrupter and has significantly reduced demand for oil and gas. Final investment decisions on projects are on hold as companies are looking to manage their costs and cash flows. The focus is largely to maintain current production levels with minimal investment and implement cost reduction strategies in the short to medium term. Uncertainty around government regulations has also contributed to the hesitancy to commit additional resources.

Africa faces large demand for power and utilities as commercial activities begin to move toward pre-pandemic levels. The huge infrastructural gap poses opportunities for investors driven by favourable policies, tax incentives and conducive business environment.

As the traditional energy models continue to be disrupted, we expect to see a majority of such investments channeled toward green energy as renewable energy is estimated to dominate global power demand by 2050.

Oil rig

At PwC, we have watched these industry developments in both spaces and analysed the effects from the perspective of how they will impact our clients. In a bid to solve important problems and build trust in the society, we have developed ways in which we can best help companies prepare and manage changes, using our expertise and wealth of experience.

This review of activity and developments in the African Energy and Utilities industry from a tax and regulatory standpoint is the third edition. If you wish to have a deeper conversation around the information and developments presented in this publication, please contact us.

Africa Energy & Utilities Tax Contacts

 

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Chijioke Uwaegbute

Chijioke Uwaegbute

Partner, PwC Nigeria

Tel: +234 (1) 2711700

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