wan't a share in $200 billion???, page-11

found this article tonight

url

http://www.tehrantimes.com/Description.asp?Da=4/15/2006&Cat=9&Num=17

i found the link on www.opec.com

it talks about oil in africa .. get this:

"In Africa, there were 18 producers of crude oil in 2003. The 5 top oil-producing countries (Nigeria, Algeria, Libya, Angola and Egypt) account for more than 80 percent of the continent’s production. Hence, as oil production is highly concentrated, any benefits from the current high price of oil will accrue to a few countries. Africa’s oil production is mostly exported and only 26 percent is consumed locally. Paradoxically, Africa is also a major importer of oil products. It imports 39 percent of its total energy compared with the world average of 19 percent. This imbalance is partly due to the continent’s very small refining capacity (3.6 percent of the world’s total). ------------------ The oil price knock-on"

and then further down:

"The rate at which oil is being consumed exceeds the rate at which it is being discovered. “Demand is growing exponentially, at around 2 percent to 3 percent a year,” says McClelland. “We’re using 85 million barrels a day. If you grow that 2 percent a year for four or five years you’ll need an extra 10 billion barrels a year. That’s what Saudi A_rabia produces. Will we find a new Saudi A_rabia in the next few years? Where will that 10 billion barrels come from?”

OPEC member countries currently produce about 30 million barrels a day, and not only “do you have to produce for the demand growth, you have to produce for the fact that some of the older fields are already in decline, so you have to find big new reserves just to stand still”."

there is heaps and heaps more to the article, if you want to read it all. basically its saying there is heaps of demand and not enough supply and heaps is needed. I did not realise all those other countries were oil producers, inlcude Angola which to this day has civil unrest. so if RRS find some decent oil, they will do well, very well!! the demand is certainly there!!