Published on April 23, 2014
Like the rest of the world, Crimea region of the neighboring Ukraine in the distance from the invasion of Russia was witnessed by African petroleum industry. African nations such Kenya, Libya, Uganda and Nigeria are thousands of miles detached from that twirl of European tension which is known as Ukraine, although their fortune might be closely aligned as drama unfurl in the Eastern Europe.
In quintessence, the more Western powers from NATO to the U.S., feels constrict and frantic enough to look for oil in a different place if more clenches on Russian gas prices are plunk by the Russian President Vladimir Putin.
For this, the African country fits in a nice profile and since Putin has made his Crimean power grab with the US stepping up its military and economic engagement post-haste, abruptly there is an innovative sense of urgency on the continent.
For most of the Western countries that do not have time for renewable-energy cars to fully penetrate their markets, an instant solution for petroleum ravenous are presented by Africa, where the Middle East embrace of oil booms are volatile and where Shale Country USA is still in its formative years.
According the major petroleum industry company BP, in Africa between today and the year 2035, the country might experience the fastest regional energy demand growth with combined oil and gas production of the world.
Uganda which is a landlocked country in East Africa is a part of a rising and fast growth East Africa Federation which includes Kenya, Tanzania, Rwanda and Burundi. As per the recent analysis done by the researched analyst, the exploration projects of new oil and gas along with the budding establishment of a manufacturing base in East Africa comprises an interest in pipeline projects to carry natural gas and crude oil to export markets or refineries.
As per the oil minister of Libya, for the continuation of the steady oil productivity, there was no such schedule made, as an end to the confrontation with rebels could still tail off along with the shutdown of 9 month port might have damaged some facilities. However on an average during the 11 month period Libya produces 1.05 million barrels of crude oil a day.
In quintessence, to make the economic growth and the subtle shades of humanitarianism look good, the African country is becoming the next refrontiered. Oil rich countries, such as Libya, Nigeria, and Uganda based in Africa are the new gold mines. Moreover, over past few years the reinvestment of Africa from the West has been happening intensely and to the aid of developing nations of Africa, the traders have seen drone bases in Niger and the pumping of billions of dollars in humanitarian.
According to the analyst, the country has less than 10% of proven global oil reserves, however, in the search of alternative sources of energy the probable returns of intrusion in Africa are fairly fast and colossal.
