Globally, Africa is becoming increasing important to world energy supplies:
􀂃 Africa supplied just over 4% of the world’s oil in 2003. It is expected to contribute a fifth of the global increase in production between 2004 and 2010.
􀂃 Proven reserves have doubled in the last decade. The Atlantic Ocean off the coast of west and southern Africa continues to be one of the world’s most active areas for oil exploration.
􀂃 Africa is seen a key strategic source of oil especially when security of supply is threatened by instability in the Middle East.
􀂃 It is estimated that the US will source 15-25% of its oil from Africa by 2015.
􀂃 The continent is also well placed to respond to rising global demand for gas.
Stability of supplies from Africa is clearly vital from both a regional and global perspective and the huge revenues would, on the surface, appear to offer an important means to fund progress towards the Millenium Development Goals.
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