Market Highlights
Positive factors driving the rush for oil in West Africa:
- 750 Million barrels proven reserves of Oil in Kenya, discovered in 2012 by Tullow and Africa Oil Corp.
- Ghana estimates its proven reserves of Oil and Gas is between 3-5 Billion barrels
- Chad is estimated to have proven reserves of approximately 1 Billion barrels of Oil
- West Africa and the Gulf of Guinea is estimated to hold reserves of up to 60 Billion barrels of Oil and Gas
- Major oil discovery in Ghana is about to begin production in 2010
- Anadarko announced a major discovery offshore Sierra Leone fall of 2009
- Largely unexplored region with billion barrel potential plays
