African oil’s allure increases as other regions tighten reins

Angola is joining OPEC, African oil exploration is booming and China is investing. The stampede for African oil has continued, even as militant attacks in some countries and precarious governments in others make returns uncertain.

Though much of the continent is just as conflict-ridden as the Middle East, analysts say Africa is increasingly attractive because it’s one of a diminishing number of regions still welcoming foreign corporations.
“It’s one of the few places still where in virtually every country the international oil companies can invest,” said Julian Lee, senior energy analyst at London’s Center for Global Energy Studies. “I can’t think of anywhere in Africa that has not let in international companies.”

International Herald Tribune