Africa’s share of world oil production is currently around 12 percent. By 2012 that share will grow to approximately 30 percent. Nigeria (‘… from where the US expects to source up to a quarter of its oil imports in the next decade …’), Angola (the fastest growing oil producer on the continent), Algeria and Egypt, will get more interesting. And expect the return of despotic governments tolerated by US and European governments and multinations. Taste of what’s to come:
‘… Condoleezza Rice, the US secretary of state, typified US confusion on Africa policy when she described Teodoro Obiang Nguema, the president of oil-rich Equatorial Guinea where US supermajors Chevron and ExxonMobil have interests as a “good friend”, despite widespread concern over human rights abuses and corruption.’
Now Western multinationals also face competition for control of these resources from Chinese state-run corporations.
The growing importance of Africa for US energy needs also explain the sudden interest in combating terrorism in the Sahel region of West Africa, among others.
These are some of the findings of the Financial Times recent Special Report on ‘Africa: Oil and Gas.’
* The FT has an excellent Africa page by the way with ‘In Depth’ pages covering, among others, everything about the probable next South African President Jacob Zuma and (surprise, surprise) China’s growing presence on the continent.
