China and Brazil in sub-Saharan African fossil fuels : a comparative analysis
For decades, mineral resources in sub-Saharan Africa, in particular oil and gas, remained underexplored for a variety of reasons, including low commodity prices, poor infrastructure, geographical obstacles and political instability. This situation has changed considerably over the past decade becaus...
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| Format: | Book Chapter |
| Language: | English |
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Ashgate Publishing
2020
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| Online Access: | https://hdl.handle.net/10356/143865 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | For decades, mineral resources in sub-Saharan Africa, in particular oil and gas, remained underexplored for a variety of reasons, including low commodity prices, poor infrastructure, geographical obstacles and political instability. This situation has changed considerably over the past decade because of the gradual political stabilisation of the subcontinent and a surge in commodity prices pushed by a strong demand from emerging economies. According to forecasts by BP (2013a), formerly known as British Petroleum, global energy consumption will increase by 36 per cent between 2011 and 2030, virtually all originating from non-OECD countries, with China and India accounting for half of this growth. The resource boom is a major reason for the improved economic performance of sub-Saharan countries, presently averaging 5 to 6 per cent growth rates of gross domestic product. It also accounts for their high resilience to the recent international financial crisis. |
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