Energy experts say the growing oil crisis across the globe is a wake-up call for the African continent to become less dependent on foreign oil supplies.
“Nobody really anticipated needing to grow significantly,” Vicki Hollub, CEO of Occidental Petroleum said during a recent conference in Texas. “There are untapped oil and gas reserves in Africa which we believe should be developed with good carbon management strategies. Oil and gas offer solutions to regional and international energy demand” Sinclair said.
“According to the United Nations, an estimated 490 million people live below the poverty line and less than half of African countries have experienced inclusive growth in over twenty years,” said Sinclair. Only 18 of Africa’s 55 nations currently produce oil, led by Nigeria, Angola, Algeria, and Egypt. Together, they produce less than 10% of the world’s output.