African oil heavyweights plan for investment boom

Sep 29, 2005 02:00 AM

African oil heavyweights said they are making plans for billions of dollars in investment in the sector that will bolster the continent’s stature in the world energy markets.
“Don’t miss the Nigerian investment train,” Funsho Kupolokun, the group managing director at the Nigerian National Petroleum Corporation told delegates at the World Petroleum Congress. Kupolokun outlined plans to invest $ 67 bn (EUR 56 bn) until 2008 to develop oil and gas in Nigeria, the continent’s number one oil producer with daily output of 2.4 mm barrels.

Tarek Hassan-Beck, planning director at the Libyan National Oil Corporation, said the north African country had earmarked seven bn dollars in international oil and gas exploration over the next 10 years.
“We're preparing for a very active and promising decade,” said Hassan-Beck, who estimated Libyan oil reserves at 39.5 bn barrels and gas reserves at 54 tcf (1,890 tcm). Libya, the continent’s second-largest player after Nigeria, has been gearing up for an energy boom since international sanctions were lifted in 2003.

Angola’s goal of churning out 2 mm bpd by 2008 may get a boost from private local companies to be created to take part in exploration under a new law adopted last year, said Syanga Abilio, vice president of Sonangol, Angola’s national oil company.
“With this policy, we expect to have national private companies and international companies to invest and develop oil and gas resources in our country,” said Abilio. “We welcome investors from overseas, national partners even from South Africa to come and invest in those potential resources,” he said.

Algeria, aiming for an output of two mm bpd by 2010, is planning to spend $ 500 mm on exploration activities, said Mohamed Meziane, president of Sonatrach Petroleum Corporation.
Some 4,000 delegates are attending the congress being held for the first time in Africa. The attendees include ministers from 25 countries, executives of oil majors and representatives of non-governmental organisations.

Source: AFP
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