1 May 2006
The African “Oil Rush” and American National Security
Daniel Volman
Compared with the Middle East, Africa possesses a relatively modest share of the world’s petroleum reserves: about 9.4% of proven world reserves, compared with 61.7% for the Middle East. Nevertheless, the world’s major oil-consuming nations, led by the United States, China and the Western European countries, have exhibited extraordinary interest in the development of African oil reserves, making huge bids for whatever exploration blocks become available and investing large sums in drilling platforms, pipelines, loading facilities and other production infrastructure. Indeed, the pursuit of African oil has taken on the character of a gold rush, with major companies from all over the world competing fiercely with one another for access to promising reserves. This contest represents “a turning point for the energy industry and its investors,” in that “an increasing percentage of the world’s oil supplies are expected to come from the waters off West Africa,” the Wall Street Journal reported in December 2005. By 2010, the Journal predicted, “West Africa will be the world’s number one oil source outside of OPEC.”
