Africa is an increasingly important destination for oil exploration and extraction. In 2011, Managing Director Boris Ivanov formed GPB Global Resources with the aim of locating new oil and gas reserves around the world. The company had just gone through a restructuring, and under Ivanov’s leadership, it was able to successfully find new oil and natural gas resources in Africa and Latin America.
For GPB Global Resources, the challenge of working in Africa is the sheer size and diversity of the continent. It is not uncommon to refer to Africa as if it were a country and not a continent. However, when people refer to the continent of Africa as if it were a single jurisdiction, they are actually lumping together 54 separate countries, spanning 11 million square miles. Of course, the reality is that it is impossible to generalize. On one hand, some countries, such as South Africa, have extensive legislation when it comes to discovery and extraction. On the other hand, there are other nations that yet to regulate the industry.
Doing business abroad is challenging, and taking note of these cultural differences is at the heart of the success of GPB Global Resources. Understanding the local culture can make the difference between profit or loss. Thanks to the company’s expertise in this area, the firm has been able to secure a number of contracts and navigate the relevant legislation in several African countries.
It isn’t just geopolitics and culture that make oil extraction a difficult business. Another challenge is that oil resources are often found in places where there is minimal or even no infrastructure whatsoever. However, these difficulties can be overcome through technological innovations in computer modeling, geological surveying, and physical inspections. It is this mix of technical and business know-how that has made GPB Global Resources successful in the challenging African market.
Contact GPB Global Resources: gpb-gr.com