Although the sultanate’s petroleum wealth has traditionally provided a backbone for growth, efforts are well under way to diversify away from hydrocarbons. Oman Vision 2020 has laid out plans to boost industrialisation within the sultanate and to encourage the private sector to take a more active role in the economy and in the provision of jobs, both of which are billed as key drivers for growth.
The growth of the mining sector, driven by a sharp rise in commodity prices, spurred Peru’s economy to the fastest sustained growth rate in Latin America during much of the past decade. The recent fall in commodity prices, however, has led to a significant drop in the value of Peru’s mining exports, and consequently, a slowing of GDP growth in 2014. The central bank lowered its outlook on...
Peru’s energy sector is undergoing a period of rapid transformation. Ten years ago energy demand was low and the country depended almost entirely on hydroelectric power in addition to petroleum imports to meet its needs. At that time, Peru had limited oil production, no production of natural gas and little to speak of in terms of energy exports. Today, by contrast, the country is among the...
Though Peru’s economic growth registered a slowdown in 2014 - to an estimated 3.1% according to the central bank compared to rates of between 5% and 9% for much of the past decade - the mining-led economy is expected to regain momentum in 2015 as diversification efforts continue and government measures to stimulate investment take effect.
Roughly seven years after the discovery of oil, Ghana’s hydrocarbons sector has seen significant growth in terms of both production and infrastructure, yet the industry is still very much a work in progress. New projects are being ramped up to develop the sector, including for the downstream segment. Ghana’s proven crude oil reserves were estimated at 660m barrels as of January 2013, which...
The country boasts the fourth-largest oil reserves and second-largest natural gas reserves in Africa, but production has declined in the last decade as existing fields mature. Changes to the regulatory framework in recent years have resulted in tighter capital inflows, but the government is working to encourage new investment and exploration to bolster production, including a long-awaited...
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