• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Hopes Are Dashed For International Oil Companies In North Iraq
  • 2 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 1 hour 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 7 hours "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days Changing Gazprom ADRs to Russian shares
  • 15 hours The Federal Reserve and Money...Aspects which are not widely known
Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

This Under-Developed Coast is Energy's Next Thing

Very interesting farm-out deal on the international oil front this week. One that tells of a big shift in focus underway for energy markets.

The move happened in Ethiopia. Where Marathon Oil announced it will take a 50% interest in a block held by Canada's Africa Oil.

Marathon will pay Africa Oil $3 million cash for the consideration, and fund $15 million in work on the projects here.

This isn't a major deal by Marathon's standards. But it is significant. Illustrating the increasing focus being brought by the energy world to a relatively new corner of the planet: East Africa.

Ethiopia is just one of the spots along the East African coast seeing petroleum exploration taking off of late. Companies like Africa Oil and Tullow have been making sizeable discoveries in Kenya. And there's been a significant amount of drilling going on in Mozambique.

But the importance of this area goes beyond just good petroleum geology. It's also one of the most sought-after locations in the resource world right now.

That's because it's the lowest-hanging fruit for Asian nations looking to expand their supply networks. For a massive consuming nation like India, East Africa is one of the closest geographies at hand. And even buyers in China and Japan have been increasingly drawn to this part of the world for new projects.

And it's not just oil and gas. In December, the government of Kenya said it will sign concession agreements for large coal fields with China's Fenxi Mining. Japan has also been pushing to get a hold in Kenya--which is the number one destination for Japanese aid spending in all of Sub-Saharan Africa.

This is an under-explored frontier that's perfectly positioned to feed the world's biggest energy and minerals consumers. Watch for a lot more news from this emerging hotspot.

Here's to the right place at the right time,

By Dave Forest


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News