Exploitation of Africa resources by Canadian oil company

2020-12-23 11:58:59
Exploitation of Africa resources by Canadian oil company

Recon Africa, a Canadian oil company, has acquired a 90% stake in the exploration of petroleum in Namibia as well as a 100 percent share in Northwest Botswana, which holds an estimated 120 billion barrels of oil, according to the leading geo-chemist Daniel Jarvie of Recon Africa.

Despite the undeniable potential of the oil field being huge in terms of economic advantages for the company drilling, and also for the area, where the creation of jobs will be a key factor, not to mention the economic advantages for both Botswana and Namibia, there are undoubtedly some negative factors which bear consideration.

One of the main methods of extracting the oil is the controversial method of fracking, which requires huge water resources to achieve, however, based in a desert area this precious commodity is already hard to come by.

Although the project has been approved by the various authorities, both across Namibia and Botswana, with an Environmental Clearance Certificate being granted, concerns are also being raised about the land, which is both home to around 63,5000 San People, an indigenous group living in the area, and is also on one of the main migratory routes for many of Africa’s wildlife, including endangered species, from Elephants to the African ‘painted’ dog.

Africa, a huge continent with a huge wealth of natural minerals and resources, and a place that has seen its fair share of exploitation, from colonialism to occupation, the people of Africa have seen their assets bled dry by Western and global North corporations, so why then is the practice still ongoing?

However, there is a devastating side effect to the exploitation of African resources, and none more so than the oil industry, which in Africa see’s multiple foreign companies drilling for oil, and leaving the local population in a difficult position as a consequence.

Furthermore, the largest oil companies in the world are solely in it for the profit, and this brings with it a host of court cases against the larger oil companies, many of which have seen the multinational corporations involved paying out compensation to victims, as well as being forced to clean up the mess, something that they rarely do.

The foreign oil companies lust for African oil

Africa as a continent is very rich in Oil and Gas, with an estimated 487.7 trillion cubic feet of gas reserves and around 125 billion barrels of proven oil reserves, clearly a good incentive for foreign exploitation.

Of the nations in Africa that have such resources, five countries dominate the upstream oil production, with Nigeria, Libya, Algeria, Egypt and Angola enjoying 85% of Africa’s total proven reserves, however, there is also the issue of untapped reserves, which is why Western companies are becoming ever more active on the continent.

One such example of this speculative exploration is situated between Namibia and Botswana, encompassing the so called Kavango Basin, an area spanning some 35,000 square kilometers, where the operating company based out of Canada drills “hundreds” of wells across the UNESCO protected land, bringing with it some very serious consequences.

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