ERHC Energy Inc (ERHE)

[balance_builder]

The same article references the importance of West African oil to United States businesses as WallDog stated in an earlier post:

"A Corporate Council on Africa (CCA) press release on the event notes that interest in West African oil and gas as a major source of energy for the United States continues to grow as national planners look to decrease dependence on Middle Eastern supplies. The region is vital to businesses in the U.S. petroleum industry as production, new discoveries, and explorations develop at a fast pace.

CCA notes the following facts about oil and gas in West Africa:

-- There are 90 billion (90,000 million) proven oil reserves in Africa, making up 9.1% of the world's total.

-- More than 11% of the world's oil production takes place on the African continent, with a 57% growth expected in the next 5 years.

-- African oil and gas net exports are forecast to double over the next 15 years.

-- The discovery rate in Africa has surpassed all other regions of the world over the past five years.

-- The United States is expected to invest $35 billion ($35,000 million) in West Africa oil and gas upstream in the next five years.

-- Africa holds eight percent of the world's proven gas reserves."