where are the majority of sub-saharan africa's oil reserves located
Sub-Saharan Africa By 2015, it is estimated that 25% of North American oil will be from Sub-Saharan Africa, ahead of the Middle East. Sub-Saharan Africa has been the focus of an intense race for oil by the West, China, India, and other emerging economies, even though it holds only 10% of proven oil reserves, less than the Middle East. This race has been referred to as the second Scramble for Africa. All reasons for this global scramble come from the reserves' economic benefits. Transportation cost is low and no pipelines have to be laid as in Central Asia. Almost all reserves are offshore, so political turmoil within the host country will not directly interfere with operations. Sub-Saharan oil is viscous, with a very low sulfur content. This quickens the refining process and effectively reduces costs. New sources of oil are being located in Sub-Saharan Africa more frequently than anywhere else. Of all new sources of oil, â…“ are in Sub-Saharan Africa.[138]
Petroleum industry in Nigeria Nigeria’s oil revenue has totaled $340 billion in exports since the 1970s and it is the fifth largest producer.[24] Though Nigeria is a major oil exporter, it imports most of its gasoline, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50.[25] Nigeria produces a form of oil ideal for the United States, has huge reserves, and has increased its production to 2.8 million barrels (450,000 m3) of oil a day.[26] But this, some say, is all a resource curse that is hurting Nigeria and disadvantaging her people.[27]