Importance of Africa

• Africa contributed 12.4 per cent of world oil production and around 7 per cent of the world natural gas production in 2008.
  
  
• It possessed 10 per cent of the total world oil reserves and 7.9 per cent of the world natural gas reserves at the end of 2008.
  
  
• Over the last 10 years, 1998-2008, Africa has recorded nearly a 34.55 per cent increase in oil production from7.64 million barrels per day (bpd) in 1998 to 10.28 million bpd in 2008.
  
  
• Oil & gas fields in sub-Saharan Africa are the fastest growing E&P areas in the world today, providing numerous business and investment opportunities.
  
  
• Significant potential exists for the discovery and development of new oil resources.