AFRICA IS A KEY CONTINENT IN TERMS OF RESERVES POTENTIAL AND DISCOVERIES

Africa’s reserves currently represent near 10% of the Worldwide reserves, i.e. approx. 105 billion barrels, but rate of new oil reserves discoveries in Africa has been the fastest in the world in the past decade, leading to a growing importance of Africa in the worldwide reserves.

Africa’s oil is also a growing part of USA’s oil importations. Sub-Saharan Africa is said to represent 25% of North American oil imports by 2015 compared to approx. 15% at present.

Africa produced over 9 million bpd of oil in 2005. 16 countries are currently producing and prospects are high in at least another 5 countries.

Mostly light crude oil with low sulfur tenor

Sizeable oil & gas fields

Geographical location (open to Europe and USA)

Low costs of production in numerous countries (in particular on onshore and shallow water concessions accessible to the independents).

Attractive fiscal terms in most countries for independents and local content companies

An oil & gas upstream sector opened to foreign partners