Crude oil has been flowing from African wells, both on land and beneath the oceans, since the mid 1970s. Before then, Africa’s main source of revenue was agriculture.
International oil companies have been the most important source of investment capital needed to find and produce oil in African countries. The international oil companies have also provided the technology and expertise needed to keep African crude oil flowing to international markets. At the present time (2016), African nations produce approximately six million barrels of crude oil per day.
How do African governments and the international oil companies share the wealth coming from crude oil flows and export sales?Read More