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JOHANNESBURG, Sept. 25 (Xinhuanet by Chen Ming, Ren
Haijun ) -- The World is focusing its attention on Africa as thousands of top
oil executives and high-level government representatives gathered here to
address pressing industry issues at the 18th World Petroleum Congress (18th
WPC).
Related:
The international gathering will put Africa in the
spotlight and at the center of decision-making about global petroleum
challenges.
As the world's poorest continent, Africa is receiving
more and more attention form oil-hungry countries and petroleum producers, amid
rising oil prices, instability in the Arab world and production slowdowns in the
hurricane-hit Gulf of Mexico.
For the United States, the biggest oil consumer in
the world, oil-rich Africa has been a "new, strategic place." Oil production in
west Africa's Gulf of Guinea states (Nigeria, Congo, Gabon, Cameroon and
Equatorial Guinea) now amounts to more than 4.5 million barrels per day,
exceeding that of Saudi Arabia. Currently,the United States is importing almost
15 percent of its oil from that region, and it is predicted that that figure
will continue torise, reaching 25 percent by 2025.
Walter Kansteiner, US assistant secretary of state
for African affairs, has conceded, "African oil has become an appealing national
strategy for us."
For its part, in 2000, the European Union was already
importing22 percent of its oil from the Gulf of Guinea countries.
Africa's main oil producing countries lie in this
strategicallyimportant zone, including Nigeria, Angola, Gabon and Equatorial
Guinea, with reserves estimated at up to 60 billion barrels of crude oil.
However, countries such as Sudan, Angola, Chad and Libya have also reemerged
from years of political isolation and are offering access to extensive reserves.
Besides western countries, all globally prominent oil
companies,such as Shell, ExxonMobil, Chevron Texaco or Total, also have their
presence in Africa. Billions of dollars from these companieshave been injected
into Africa.
Although sub-Saharan Africa's major oil producers
have been pumping about 4.5 million barrels of oil per day, more output is
expected in the future in the region.
In its Oil Outlook to 2025, a review paper released
last year, the Organization of the Petroleum Exporting Countries (OPEC) forcast
that oil production in the African region will increase significantly over the
medium term. Increases in output from this region will be primarily from Angola,
it said, followed by Chad, Sudan, Congo and Equatorial Guinea.
Angola's state-owned oil company, Sonangol, announced
in May 2003 that oil output could increase to 1.6 million barrels per dayby late
2005, up from current levels of 0.9 million barrels per day, due largely to the
expected expansion of deepwater production.Deepwater projects that are yet to be
tendered could push output up even further in the medium term, with some
analysts believing that as much as 2.5 million barrels per day could be produced
by 2010.
Onshore fields also offer opportunities for
expansion. The completion in 2003 of the Chad-Cameroon pipeline will lead to
land-locked Chad becoming the latest oil exporter in central Africa. A
sustainable production peak of over 0.2 million barrels per day isexpected to be
achieved. The potential for production increases inSudan is considerable, but is
particularly contingent on the development of further pipeline capacity.
Exploration and development efforts are proceeding
for the Greater Nile Project and elsewhere, and domestic sources have suggested
that output could double to 0.6 million barrels per day by the end of 2005.
Production in Egypt peaked in 1995 at around 1million barrels per day, and has
been generally falling since.
It is because of the more and more important role
Africa is playing in the global oil market, that the World Petroleum
Council(WPC), leading global organization on oil and gas, will be holdingits
globally attended Congress in South Africa on September 25-29,the first time the
organization holds its tri-annual Congress on the African continent in 72-year
history.
According to Imogen Mkhize, CEO of the Congress, it
is appropriate that an African country is hosting this year's event, given the
intense exploration and drilling activity on the continent and "the congress is
also a perfect place to showcase what South Africa and Africa have in terms of
energy resources."
The Congress, like some analysts have said, is a
fitting tribute at a time when the continent's influence on the world's energy
industry has never been greater. Enditem |