Angola is poised to become the darling of the global oil industry. Although the country is a ‘corrupt, underdeveloped and war-scarred country’ and ‘one of the poorest lands on earth,’ it is a place of vast natural resources and immense potential wealth. Oil and diamonds comprise 99 percent of Angola’s exports. It has also been inviting foreign investors to exploit its oil reserves, thus soon joining the three fastest-growing oil exporters in the world today.

Angola is not lacking in big-time multinational oil explorers. Exxon Mobil, Chevron, BP and other gigantic oil companies are said to have ‘poured billions into Angola in the last decade to unlock petroleum resources in the country’s deep waters, where the vast majority of the oil is, and the payoffs are finally coming in.’

Fact is, ‘Angola has become the fastest-growing source of oil exports to the United States, along with Nigeria and smaller West African countries,’ over the recent years. In fact, ‘it is about to become an important component of American energy security.’

The United States is clear in its plans to be the top dog in Africa and to gain the strongest foothold in Angola. US presence in the African country is visible in the areas of agriculture, economic reform, and health care. There is now such a thing as Angola-USAID partnership ‘which uses aid to promote U.S. multinationals like Chevron and technologies such as genetically modified organisms.’

Where US interests lie, China should not be too far behind. China, too, is thirsty when it comes to Angola’s oil. In the first place, China has already invested heavily in Africa, with over $24 billion in loans to the continent. ‘China’s two footholds on the continent are Angola and Sudan. It has extended over $5 billion in oil-backed loans and revolving credit lines to Angola. Since 2000, Chinese trade with Angola increased by 14-fold.’

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Via Foreign Policy in Focus