CERA: Bush's Africa visit to focus on oil supply, new natural gas sources

[Nambe]

Oil & Gas Journal Online

HOUSTON, July 9 -- While mainly centered around a macroeconomic and humanitarian- based agenda, US President George W. Bush's tour this 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 world reserves, CERA noted.

CERA said that West Africa's oil and gas industry in particular is currently "at a threshold." The region now supplies roughly 14% of all US oil imports, CERA said. "After several years of steady but unspectacular gains in oil output, West Africa is on the cusp of becoming a world leader in oil production growth. The region's potential is manifested by large deepwater oil discoveries in recent years offshore Angola, Nigeria, and Equatorial Guinea.

"Onshore, once a pipeline between Chad and Cameroon is completed, a billion bbl of. . .untapped oil in southern Chad will begin to be exported to the global market," CERA said. ---

Ride Don’t Drive It’s Global Cool

[LauraK]

1. There will no doubt be a big aid package for the oil bearing...

w. Africa to develope it's oil resources. Any bets?

[sandnsea]

2. Energy Security

Another name game to change corporate oil grab into a frightening national emergency.

[hatrack]

3. Why am I not surprised?

Why am I not surprised one little frickin' bit?

[Emboldened Chimp]

4. My question is

what are these guys going to do once the oil runs out? We all know it will--it's only a matter of time. What then?

[jpak]

5. The $15 billion for AIDS was an expensive media distraction

The real ChimpCo agenda is, was and always will be - OIL.