Interesting readI never actually knew the exact potential of this region until I dug into some articles from some geological surveys. There is an estimated 127.7 Billion Barrels of undiscovered oil. The more you look into this it seems that this region could potentially provide the next oil boom.
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From 1989 to 2009, sub-Saharan Africa's estimated oil reserves more than doubled, to 127.7 billion barrels, equivalent to about 9.6 percent of the world's total, according to BP (BP). Along the West African coast, Liberia, Gabon, and Sao Tomé and Principé have invited bids for exploration licenses. In the interior, the geological formations that stretch from Mauritania to northern Namibia may hold 71.7 billion barrels of undiscovered oil, according to U.S. Geological Survey estimates. "There is plenty of interest," says Martin Kelly, head of sub-Sahara Africa research at energy consultants Wood Mackenzie.
One strategy for smaller operators in sub-Saharan Africa may be to find the oil, then sell the discoveries to the majors or the Chinese. "You don't necessarily have to go into full development," says Thomas P. Cross, the outgoing chief executive officer of Dana Petroleum, a midsize British explorer, which has just been acquired by Korea National Oil. "The best way to maximize return to shareholders is to explore in these countries, but to produce cash in more politically stable areas."