From Reuters - http://tinyurl.com/y4w2hg CAPE TOWN, Nov 17...

From Reuters - http://tinyurl.com/y4w2hg

CAPE TOWN, Nov 17 (Reuters) - Africa accounts for only around 10 percent of world oil reserves but the continent is the focus of a feeding frenzy among energy companies that is just beginning in countries like Libya and Angola.

Crisis in Iraq, concerns about energy nationalism in parts of South America and difficulties investing in Russia have limited exploration in those areas and kept interest in Africa bubbling, speakers said at the Africa Upstream oil conference in Cape Town, which ended on Friday.

China has made a major push to secure oil reserves and production in Africa while national energy companies of African countries, such as gas-to-fuels producer PetroSA of South Africa, are seeking new ground outside their own borders.

"Oil majors do not have unmitigated access to reserves in the world, think Venezuela, think Russia, think Iraq," said Duncan Clarke, chairman and chief executive officer of Global Pacific and Partners, which organised the three-day conference.

"It (the move into Africa) is partly a global consideration -- resource nationalism and the question of crisis in certain parts of the world and the steady growth opportunity in Africa in terms of maturing basins, frontiers and licensing rounds," Clarke told Reuters.

National oil companies, such as PetroSA and Algeria's Sonatrach, are expanding and see their own continent as a prime target.

ExxonMobil (XOM.N: Quote, Profile, Research), Royal Dutch Shell (RDSa.L: Quote, Profile, Research), Chevron (CVX.N: Quote, Profile, Research) and Total (TOTF.PA: Quote, Profile, Research) lead in African oil exploration and production, which is set to grow most notably in Angola, Equatorial Guinea and Nigeria.

Smaller independent firms are also making a big push and attracting takeover bids and consolidation partners as they seek fields off the beaten track, such as along Africa's east coast.