Africa´s Oil Dreams (02.06.2007)

It´s a no brainer: Just follow the news about civil wars in Congo, Nigeria and other countries in Africa. Interestingly enough, these countries are (potential) oil producing countries and that´s the reason they are in the news all the time. If Northern Korea had oil patches, nobody would let them build their nuclear bomb, that´s for sure. There is an eye opening article in TIME about Africa´s oily dreams; quite a long article but insightful. And then: Always follow The Economist´s Africa section to get more local information on what´s going on there. West Africa: More wars, more oil.

TIME: Indeed, says Daniel Yergin, chairman of Cambridge Energy Research Associates, West Africa is “only going to get hotter. It has the location and the resources; the technology is now there to develop them; and companies from all over the world want to be in on the action.” Rising demand from India and China and worries over instability in the Middle East have fueled higher oil prices, and those in turn have precipitated a new scramble for energy — oil rigs worldwide now have to be rented a year in advance. There are several reasons why the Gulf of Guinea is a key focus of this rush. African oil is high quality, with a low sulfur content that requires little refining to get it to the pump.


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