(MENAFN) CEO of UAE-based Crescent Petroleum said that the company is eying exploration opportunities in sub-Saharan Africa, Arabian Business reported.
The CEO said: "On the oil and gas side we're looking beyond the MENA region in the old sense and we're looking at potential in Africa [for] Crescent Petroleum. We're looking at opportunities that are slightly wider."
Africa's current supply of oil is about 12 percent of the world's total, with reserves of nearly 132.4 trillion barrels, or 8 percent of global reserves. A report by PricewaterhouseCoopers estimates that Africa has natural gas reserves of 513.2 trillion cubic feet, or 7 percent of the world's supply.
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