Firstly, whereas West African oil used to be the region’s hallmark, now the tables have turned, and with recent oil discoveries in Uganda and Kenya, an oil bonanza is increasingly felt in the East. Oil has been flowing in Africa for decades, but recent events have shifted the petroleum sector’s development trajectory in many ways. In recent years, license-awarding rounds have been announced more frequently, with more acreage to take than anywhere in the world. The oil industry believes that at least another 100 billion barrels are only waiting to be discovered to some experts this is only a conservative estimate. The region is called an oil frontier for a reason, and, like a classic frontier, it remains relatively unexplored and unexploited, with opportunities abounding. This is still not very much compared to the Middle East, but the recent frenzy clearly shows that Africa has certain virtues that investors worldwide cannot resist. In recent years, the region has become a hot spot on the global map of oil discoveries, with dozens of investors rushing to tap into the crude wealth which is now estimated at 130 billion barrels. Africa is on the move, and so is the flow of oil unearthed on the continent.
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