Major Oil Companies Renew Scramble for African Oil

Companies seeking to replace declining fields

Published: 24-Mar-2004

AFRICA has become a big draw for most major and supermajor transnational oil corporations currently in desperate need for new sources of oil and gas.

Competition is increasingly becoming hotter as state-owned firms such as China National Petroleum Corporation (CNPC), Malaysia’s Petronas, Norway’s Statoil and Brazil’s Petrobras seek to plant themselves more firmly outside their home turf.

Their focus is however, on the deepwater Gulf of Mexico, deepwater West Africa and the north Caspian, where they believe are capable of yielding huge funds.

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