Tuesday, November 12, 2019

Norwegian oil revenue in Africa exceeds aid to continent

Norwegian oil companies are expanding their presence in Africa. The mainly public owned Statoil is in negotiations concerning rights for exploration and development of Block 2 off the coast of Tanzania.

Norwegian oil firms’ revenues from Africa are likely to reach NOK 12 billion annually or almost three times Norwegian bilateral aid to the region. In future, oil revenues from the region are likely to grow sharply.

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