Ambit Energy Corporation is a firm based out of Calgary, Canada which aims to be a competitive company in the West African energy sector. With interests in the Niger Delta Basin, Ambit Energy Corporation focuses on crude oil and natural gas exploration.
Natural gas is a fossil fuel commonly used for heating and for powering vehicles. Depending on where it is discovered and how it is harvested, natural gas can either fall into the category of conventional or unconventional. Natural gas is considered conventional if it is trapped beneath rock near enough to the earth’s surface that it can be extracted through traditional well-drilling methods.
Unconventional natural gas occurs when the ability to extract the resource is hindered by its location in the earth. Deep natural gas is considered to be unconventional because it rests at 15,000 feet or more below ground. Likewise, shale is considered to be an unconventional natural gas because it requires the use of high-pressure hydraulic fracturing to break through the uncharacteristically hard stone that encases it. Another unconventional type, coalbed methane, is a natural gas only found around coal seams in the earth.
Formed in 2005 by energy industry veteran Tunde Agbi, Ambit Energy Corporation pursues high-potential opportunities in the oil and gas sector in Nigeria. Building on his legacy of success in Canadian and international energy markets, Tunde Agbi aims to establish Ambit Energy Corporation as a major player in the growing West African energy industry. According to consulting firm KPMG, oil and gas account for nearly 60 percent of Africa’s earnings from exports, with West and North Africa standing out as the continent’s top producers.
While North Africa has the largest known oil and gas reserves on the continent, energy industry experts cite political and economic instability as key factors standing in the way of the region meeting its potential in the near future. For investors, West Africa has the highest prospects of near-term success, in part due to current offshore exploration prospects. In addition, Nigeria holds the most natural gas reserves on the continent, with potential reserves of 16.8 trillion square meters. To take advantage of this massive natural gas potential, the Nigerian oil and gas industry needs additional investments in infrastructure.
Despite opportunities in other regions, industry experts expect West Africa to be the primary recipient of investment dollars if oil prices stay low. To maximize the potential of their investments in West Africa, investors can partner with energy firms that have a sound exploration and production strategies, along with proven success on prior projects in the region.