CERA: Africa's oil and gas industry 'at a threshold'

07/14/2003
While mainly centered around a macroeconomic and humanitarian-based agenda, US President George W. Bush's tour last week of certain key sub-Saharan African countries had "underlying US economic concerns" relating directly to the strategic importance of the US's energy security, according to Cambridge Energy Research Associates.In a recently released study, CERA said, "Increasing economic and political stability in Africa supports a linchpin of US energy policy: diversifying oil and gas import sources."During 2002, Africa produced 7.05 million b/d of oil, or about 10.7% of total world oil output. The continent's reserves, meanwhile, stood at 77.4 billion bbl of oil, or 6.4% of ...
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