A closer inspection of the world's oil and gas resources, tempered by a critical assessment of their accessibility, would lead many investors now focused on Russia and the Middle East to turn their attention to the Caspian Basin. But many of these oil and gas provinces are largely off limits for international investors, or the investment conditions have become so unpredictable that investors are forced to look elsewhere for the oil and gas to meet the world's increasing demand. Even if today's economic crisis has taken the urgency out of today's supply and demand balances, economic recovery will soon reveal the need for ever-increasing investment upstream.
Other parts of the world may not hold the huge hydrocarbon resources of the Middle East, but there is considerable opportunity elsewhere. This study is dedicated to sub-Saharan Africa where considerable resources have been found and more is no doubt yet to be discovered. Specifically, the countries of the Gulf of Guinea have long been in the oil business and some are now in the gas business. What have the experiences in the oil and gas sectors of these countries been? How has governance evolved over the years and why have some of these countries been unable to realize the full benefits of their resource endowments?
The Gulf of Guinea holds considerable promise for more oil and gas for world markets, but the experiences oi the past decades suggest a need for substantial reform. Income distribution, welfare, development are not generally the business of energy companies, but if governments do not see to these basic requirements of their populations, energy companies will not be able to bring those energy commodities to the market.
This book includes four chapters that examine how energy, governance, corruption, income distribution, and corporate issues are linked. The IFRI program on European Governance and Geopolitics of Energy hopes this publication will shed light on the role of hydrocarbon production in Africa.
Edited by Jacques Lesourne.
With contributions by Benjamin Augé, Yvan Guichaoua, Jacques Lesourne, Géraud Magrin, Nicholas Shaxson, and Geert van Vliet.