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Africa Is the Top Spot for Chinese Oil Investment to 2023: Chart

Published 06/12/2019, 07:01 PM
Updated 06/12/2019, 08:00 PM
© Bloomberg. Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Thursday, July 5, 2018. The $10 billion refinery, set to be one of the world’s largest and process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Devakumar Edwin, group executive director at Dangote Industries said in an interview. Photographer: Tom Saater/Bloomberg

(Bloomberg) -- 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’s more than the $10 billion destined for South America and more than twice their estimated investment in North America.

© Bloomberg. Workers climb scaffolding surrounding a storage tank at the under-construction Dangote Industries Ltd. oil refinery and fertilizer plant site in the Ibeju Lekki district, outside of Lagos, Nigeria, on Thursday, July 5, 2018. The $10 billion refinery, set to be one of the world’s largest and process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Devakumar Edwin, group executive director at Dangote Industries said in an interview. Photographer: Tom Saater/Bloomberg

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