Chad-Cameroon pipeline to increase US crude oil imports

Sep 20, 2002 02:00 AM

Due to new production in West Africa and construction of a pipeline linking southern Chad to Atlantic ports Africa will rapidly increase its 15 % of the United States' crude oil imports.
Within the next decade, recently discovered offshore reserves are expected to enable West Africa to outproduce the North Sea's oil rigs and capture as much as 25 % of America's oil-import market.

Africa becomes the main source of security from oil dependence on countries like Saudi Arabia. African oil has other advantages. Much of it lies beneath the Atlantic or near the West African coast, which makes it simpler to transport to the United States than oil from the Gulf or the Caspian Sea.
Moreover the majority of African countries doesn’t belong to OPEC which means that much of oil production will not be constrained by any cartel quotas. Oil analysts project that a quarter of all the new, non-Gulf oil that comes onto the world market over the next five years will come from sub-Saharan Africa.

Nigeria is expected to raise production over 3 mm bpd by 2007, from 2.2 mm now. Angola's daily production is projected to double, to nearly 2 mm barrels. Chad is expected to produce 225,000 bpd once a $ 3.5 bn pipeline through Cameroon is completed in 2004.
Production in tiny Equatorial Guinea is expected to nearly double, to 350,000 bpd, within three years.

Source: Neftegaz.RU
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