Hopes fuelled for revitalised sector

OVERVIEW
In 2010, energy activity continued to be low, but there were strong signs of rejuvenation towards the end of the year into 2011. According to the Central Bank's Monetary Policy Report, the energy sector grew by 1.5 per cent in 2010 and is projected to grow by 2.5 per cent in 2011. Some 48 wells are expected to be drilled in 2011.

The critical challenges remain: increasing oil and gas exploration and production on the upstream side, attracting new investment on the downstream side, and creating critical linkages between the energy and manufacturing sectors to achieve strategic diversification of theof the economy.