Word: east
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According to local lore, Portuguese travelers as far back as the late 19th century suspected that oil might lie beneath parts of East Africa after noticing a thick, greasy sediment wash up on the shores of Mozambique. More interested in finding cheap labor, though, the explorers had little...
...century later, it turns out that the Portuguese were right. Seismic tests over the past 50 years have shown that countries up the coast of East Africa have natural gas in abundance. Early data compiled by industry consultants also suggest the presence of massive offshore oil deposits. Those finds have spurred oil explorers to start dropping more wells in East Africa, a region they say is an oil and gas bonanza just waiting to be tapped, one of the last great frontiers in the hunt for hydrocarbons. "I and a lot of other people in oil companies working in East...
...such as Uganda, Mozambique or Somalia. But better technology, lower risk in some of the countries and higher oil prices in recent years have changed the equation. Wildcatters and majors such as Italy's Eni, Petronas of Malaysia and China National Offshore Oil Corporation (CNOOC) have all moved on East Africa in the past few years...
...Much of East Africa's hopes are focused on a fault line running from Somalia to Madagascar known as the Davie Fracture Zone. It's there that Bertagne's analysis - using Cold War-era sea-floor mapping originally intended for use by Soviet submarines - has prompted speculation about oil deposits rivaling those of the North Sea or Middle East. There's still a lot that's unknown: North Africa has seen 20,000 wells sunk over the past few decades, while drillers have sunk 14,000 wells in and off West Africa. In East Africa, the total is about...
...Chinese decade. In the Financial Times, Prof. Niall Ferguson, who coined the word “Chimerica” to describe the symbiosis of China and America, lays out a grim prognosis for the Western hegemony, suggesting that this may be “the decade that tilted east.” As a culture, the Chinese do not readily accept praise. Instead of lavishing unrealistically high expectations for China, we should try to view the East through a broader framework than that of our own Western values...