The positive outlook led several international oil firms to battle over the country’s oil reserves. Several major international players have shown interest in the West African region, hoping to develop the region’s oil industry before the global demand for oil decreases. Between 2014 and 2017, several major oil and gas finds were made in region, with discoveries of 1 billion barrels of oil and over 40,000 billion cubic feet of gas. Beyond West Africa, Tanzania in the east of the continent is racing to develop its natural gas reserves. The untapped oil and gas potential of several African oil regions and the low-cost production prospective is winning the favor of several major international players, who are shifting their focus to Africa and the Caribbean.

Source: The North Africa Journal October 31, 2021 17:05 UTC