Nice article on the history of oil exploration in Senegal, Guinea Bissau and the Gambia, and their prospects:
KUWAIT: Kuwait proposed yesterday the creation of a fund to provide basic foods to poor people in Islamic countries and pledged to donate $100 million. "Kuwait ... is offering an initiative to establish a fund for decent life in Islamic countries to provide basic foodstuff for those who are in need quickly,"
Kuwait announces its contribution of $100 million to launch this fund, and calls on states, organizations, regional and international development funds to support this initiative," Sheikh Sabah told the audience, which included several leaders of Muslim countries including Jordan's King Abdullah II and Afghan President Hamid Karzai.
The fund would aim to provide rapid basic food assistance to the needy and contribute to programs to increase agricultural production. In Kuwait, the world's seventh-largest oil exporter, inflation hit a record 9.5 percent in January as housing costs jumped 16.1 percent and food prices rose 7.7 percent. Several Arab and Muslim capitals have witnessed protests by people demanding government intervention to ease the impact of rises in the prices of foods.
Sheikh Sabah said the call for holding the Islamic forum came at Kuwait's wish to attempt to lay the foundations of fruitful cooperation between member countries of the Organization of Islamic Conference on one hand and between them and the rest of the world on the other. He said the credibility and seriousness of this is the slogan adopted for the event, Islamic Countries: Partners in International Development.
He said that the world today is witnessing rapid changes "that makes imperative on us to reform our visions and directions, either towards each other or the rest". He added the Muslim Nation is living a distinguished moment in its history as it has abundant economic, human and natural resources that are in need of correct use to create the permanent development of its economy to guarantee decent living for its people.
HH Sheikh Sabah said strengthening the competitive abilities of Muslim countries requires the development of education as it is the basic pillar for the advancement of our Nation through reforming the various education institutions, developing curricula and encouraging the skilled and outstanding. "Development is based on the efforts of individuals, establishments and the society," he said.
Senegalese President Abdoulaye Wade said that Africa faces several problems including rising prices at global level which is affecting plans of development and limiting growth rates, as additional budgets are being made to cover the increases. He said "problems are keeping us from achieving our goals", adding that "countries must pay close attention to agriculture as we were surprised by the high prices of raw materials". He said that poverty must be eradicated to ensure development. Wade said oil has been discovered in Senegal and will soon be used, and investment funds should contribute to the proposed fund against poverty.
King Abdullah II of Jordan said the forum is the first World Islamic Economic Forum to be held in the Middle East. He said that this is no ordinary international meeting. "What you achieve here, and the efforts you carry forward, will have an impact on our countries' most profound goals: Whether and when our countries will achieve their economic targets for development, growth and opportunity, especially for the youth. Whether our countries, together, can create the economic community we need, to sustain o
ur people against global financial and energy shocks and other challenges.
Whether Muslims, not only in Islamic countries, but everywhere in the world will have access to the economic promise of the 21st century. Whether our community can achieve its rightful place in the global economy, not just sharing in prosperity but helping to write the economic rules, giving voice to Islam's values of co-existence, justice, and a better life for all.
King Abdullah added: "Our combined resources and geo-economic position make the Islamic world key to every major economic issue of our time, from creating a green global economy, to energy sustainability and more. He said the world Muslim population is almost one-fifth of humanity and predominantly young, "giving us a significant force for productivity and market growth. With one-quarter of the world's landmass, the Islamic countries are channels to every corner of the global marketplace". Abdullah added
that "we stand on a long Islamic history of enterprise and learning - and we are empowered by the unity, values, and the purpose of Islam".
He stressed that now is the time, working together to marshal these assets. "Nothing is more important than our people. Among our countries we have one of the largest youth groups in the world. They are full of ideas, energy and vitality". Yet, he added, there is a perennial shortage of skilled manpower. In the Arab World alone, 70,000 university graduates leave each year - "that is nearly one quarter of our graduates. Of those studying abroad, half do not come home. Not only are we are losing their expert
ise, which is key to the future of business, science, education and other priorities, but we are also losing their local knowledge - a mine of cultural and national understanding, needed to shape developments to the needs of our people and ensure success.
Abdullah said, "We need to break this cycle. Many of our countries have taken bold steps to advance the private sector, trade-led growth, and the jobs and development it creates. But to meet our goals - to truly help our people realize their aspirations - we must also do more to unleash the potential of our creative class. Above all, this means restoring the tradition of innovation in the Muslim world. Our governments, companies, and development leaders must support innovation, with the same deliberate app
roach that we apply to building infrastructure or attracting investment".
President of Bosnia and Herzegovina Haris Silajdzic spoke on how Bosnia can be used as prime example on coexistence between people. He said forgiveness is key to living in peace and pluralism and acceptance of the other is one of the ways to development and prosperity. He said, "We are living globalization which calls for mutual respect. In Bosnia we are living a model of pluralism. It was the reason for a war that was imposed on us. Models such as this must be preserved...pluralism and forgiveness". He sa
id "there is growth in Bosnian economy as resources are available. We want to live in peace and need what preserves it". He thanked HH the Amir for his support during the war in Bosnia when both men were foreign ministers of their countries.
Afghan President Karzai stressed the need for education and knowledge. He said Islam encourages investment, trade and initiative. He said that we are a nation of 1.4 billion and have 40 million youth of working age and we still face the most difficult problems of the world, which is ignorance, unemployment, shortage of food, lack of development, disputes in addition to the wrong opinion of the world towards the Muslim world. He said Muslim societies should concentrate on scientific education for developm
ent. "Our area is engulfed in many disputes and have enemies that use the situation to destroy the Muslim nation. The extremists are keeping girls from education and there are 60,000 in Afghanistan who left school," Karzai bemoaned. In addition to the fact that more than half of the working force are unemployed women.
Chairman of the World Islamic Economic Forum Tun Musa Hitam lauded the good organization of the forum, which succeeded from the beginning due to the efforts exerted by all to establish commercial relations for the benefit of the Muslim society. He said, "We support companies for cooperation that will benefit the people that are suffering marginalization, neglect and deprivation.
Hunt firms up drilling plans on two offshore tracts - Senegal
Preliminary interpretation of the 2,086 sq km 3D seismic data acquired by Hunt in March 2007 in the Sangomar Shallow and Sangomar Deep blocks has highlighted multiple plays including a giant Buried Hills (Albian) target. Mapped are multiple Santonian age fan systems with stacked amplitude anomalies and a very large Albian to Neocomian shelf edge closure. The Albian/Aptian section was previously believed to be made of clastic rocks, but seismic suggests it is a carbonate shelf with potential reef build-up. The company has plans for drilling on both blocks in 2008. Two drillable prospects have been identified from previous seismic data in the Sangomar Deep block, namely Palmarin and Djifere. The Palmarin Prospect lies about 110km from the coast in 2,150m of water, and the Djifere Prospect is located 90km from the coast in 1,250m of water. Current license interests are Hunt (60%), First Australian Resources (35%) and Petrosen (10%). Prior to the 3D survey, significant upside potential within the acreage was thought to exceed 1 billion barrels recoverable.
I really hope its an advantage to Senegal. Most times mineral wealth seems to create problems rather than solve them.
I hope Morocco will discover oil too
dittoI really hope its an advantage to Senegal. Most times mineral wealth seems to create problems rather than solve them.
I would like to agree with that statement.Africa is so unexplored. Oil may be in almost every country in Africa.
Mister79 SA has invested BILLIONS OF DOLLARS in its tourism industry, this is paying off now, just look at their cities and towns and compare them to the rest of Africa.
I seriously doubt that there will be any true big tourims development outside of SA and maybe Kenya and Senegal in Africa in the next generation. There is absolutely no awareness and no supportive structures for such undertakings to be realised ...just usually endless lipservice by the authorities...so Africa´s beauty remains concealed from the world and its people mired in poverty.
In order to boost tourism many things have to change, it starts with cleaning up streets, repainting houses, proper street signage, it goes to efficient transport links (airports, roads, rails, reliable and cheap airlines) to tourism infrastructure and it ends with the legal framework and incentives to invest into this sector. Give me the name of any country outside of SA that can brag with that, please!?
..Moreover, tourist want to spend their best time of the year in clean environments and not in garbage-filled streets with stinky open sewage!
still too few and isolated and not aggressive enough for my taste, I WANT MORE AND FASTER DEVELOPMENT!There are a lot of countries who are awake and investing in tourism, look to Ethiopia, Angola, Rhwanda, Cap Verde etc.