John Ghazvinian - Articles

Untapped: the Scramble for Africa's Oil

Since 1990 alone, the petroleum industry has invested more than $20 billion in exploration and production activity in Africa . A further $50 billion will be spent between now and the end of the decade, the largest investment in the continent's history -- and around one-third of it will come from the United States . Three of the world's largest oil companies -- the British-Dutch consortium Shell, France's Total, and America's Chevron -- are spending 15 percent, 30 percent, and 35 percent respectively of their global exploration and production budgets in Africa. Chevron alone is in the process of rolling out $20 billion in African projects over a five-year period. Read

By: John Ghazvinian | 02/04/2007 | News & Society