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New oil discoveries turn spotlight back to West Africa
Western and emerging Asian powers so keen to diversify oil supply
sources to feed growing needs have recast their attention to West Africa
following the latest discovery of new potential reserves.
British oil and gas company Tullow Oil announced that it had discovered
up to 600 mm barrels of oil on the West Cape Three Points block off
Ghana’s coast.
But the figures fall below that of regional oil giant, Nigeria with its
reserves of 36.24bn barrels, or that of Angola which has proven reserves
of more than 5.4bn barrels of crude oil. Of the 2.7 mm bpd produced in
West Africa, 2.6 mm come from Nigeria alone, according to the
continental African Petroleum Producers Association (APPA).
But at the global level, West Africa remains a modest player in the oil
sector. It represents less than a third of the total Africa production,
which in itself is less than 12 % of world production, far behind the
Middle East Russia and Brazil.
But with geo-political uncertainties and the emergence of Asian
economies such as India and China, any oil reserves make the so-called
"black gold" a rare and expensive commodity.
"It is becoming more and more difficult to work in the Middle East. The
whole world as a result, is diversifying the supply sources, and the
rush is general, in Africa as is everywhere," an expert in the oil
sector said in Abidjan.
Between 2004 and 2007, African oil production climbed from 7 mm bpd to
9.5 mm bpd.
And Africa is now the top production area for the French oil giant and
world’s number four Total.
