China’s Energy Firms To Spend $15Bn In Africa’s Upstream Oil Industry

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Yemisi Izuora

China’s national energy companies are set to channel more of their overseas investment to Africa than to any other continent as they hunt for new pockets of oil and gas. 

Africa will account for more than $15 billion of their upstream capital expenditure over the next five years, according to estimates from researcher GlobalData.

That will be more than the $10 billion destined for South America and more than twice their estimated investment in North America.

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