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Title : s oil curse

Pubdate : Mon, 28 Apr 2014 10:47:47 +0000

Creator :

Subject : Africa

Subject : Economic Development

Subject : Fragile and Post Conflict States

Subject : International Relations

Subject : Political Science

Subject : Terrorism and Security

Ispermalink : false

Description : East Africa is the global oil and gas industry’s hottest frontier. Barely a month goes by, it seems, without a major discovery in Mozambique, Tanzania, Uganda, or the eastern Democratic Republic of the Congo. This new African windfall is hardly without precedent. Several west and central African states -- most notably Angola and Nigeria -- have already experienced petroleum booms of their own. Over the last decade, they benefited from a spectacular jump in oil prices, which rose from $22 per barrel in 2003 to $147 per barrel in 2008 and remained high, for the most part, until recently. The spoils were enormous: from 2002 to 2012, Angola’s GDP jumped from $11 billion to $114 billion and Nigeria’s went from $59 billion to $243 billion. The opportunity afforded by this extraordinary dec