Financial Times FT.com

The new scramble for Africa's resources

By Dino Mahtani

Published: January 28 2008 02:00 | Last updated: January 28 2008 02:00

In the past decade, Africa has seen an unprecedented boom in oil and gas investment.

With big companies shut out, or deterred from investing in the Middle East, Africa has by contrast offered multinationals relatively lenient terms and extensive access to its oilfields in the past 15 years. The continent has been able to attract money from the biggest supermajors, from ExxonMobil to Shell, looking to exploit its prolific and relatively untapped geology, particularly in the Gulf of Guinea and North Africa.

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