· Oil discoveries in North Africa attract many potential international coil companies. These companies increase the investments and development of the African countries.
· Despite oil discoveries, North Africa could embrace the development of renewable energy. This reduces the emissions produced from the combustion technologies.
Two new oil reserves discovered in North African countries, Libya and Tunisia, could shift the oil supply and prices in the market. This is amid the rising demand of oil by the leading oil consumers around the world. The high demand has also led to the increased oil prices. The high prices made every production process expensive. The new oil discoveries may increase oil supply and may reduce the oil prices. Oil discovery may have various impacts to the economy, society and politics. It could also mean that the two countries may become more influential as the main oil producers.
To secure all electrical installations on the overhead lines, utility fasteners apply. They help prevent abrasion and external damages of different parts of the installations. Utility fasteners play a vital role in hardware and mechanical areas. They include devices such as bolts, nuts, eyenut and washers. Utility fasteners coat in stainless steel, carbon alloy and titanium. These materials help them resist the weather conditions that cause rust and corrosion.
Role of international companies in North Africa oil discoveries
International companies play a vital role in oil development industries in North Africa. For example, US Survey Agency discovered the oil fields in Libya and Tunisia. The agency reports that the oil fields have about 4trillion barrels of oil and gas. The international companies involve in exploration, production and exportation of gas. They also help through various investments in the oil industries in North Africa. Utility fasteners help in ensuring the conductors install securely to prevent movement. These companies help stimulate the growth of economies, create jobs and improve oil capabilities. The following are the various ways the international companies contribute to the oil industry in North Africa.
1. Investment and financing
These companies have the financial resources to invest in large-scale projects in the regions. This is through the development of new fields and pipelines. The investment helps to create jobs, boost local economies and inspire economic growth.
2. Technology
International companies bring skill, resources and technology which lack in many developing countries. Technology improves exploration and production capabilities, improve safety standards and ensure efficiency operations.
3. Market access
The international oil companies provide market access to North African countries. This is because the countries may lack the infrastructure and skill needed to export the oil and gas to global markets. Partnerships between the North African countries and the international companies may be beneficial to the expertise and exportation available.
4. Political influence
These companies may have political influence in the region due to their significance and investment and operations. This leads to concerns about the impact of international companies on the political and economic landscape of the countries.
5. Environmental concerns
The companies adhere to environmental and safety standards set by international bodies such as world bank and other oil and gas associations. The standards help to mitigate the environmental impact of oil production in North Africa.
The potential of renewable energy in North Africa
North Africa region has the potential of renewable energy development despite the recent discovery of oil. North Africa has some of the highest levels of solar radiation in the world. It could also develop the generation of power from wind sources and geothermal power. This makes the potential of renewable energy in North Africa significant. The development of renewable energy could bring numerous benefits to the region. Utility fasteners are from materials that resist rust and corrosion which gives them the long serviceable life. The various benefits of embracing renewable energy in North Africa are as discussed below.
· Reduce the dependence on fossil fuels imports and stabilize the energy prices and achieve energy security.
· It could create new job opportunities and stimulate economic growth in rural areas where renewable energy projects reside.
Reduced emissions of greenhouse gases into the atmosphere and mitigate climate change.
· Improved air quality through the reduction of air pollution from fossil fuels combustion.
· The use of new technology could lead to the advancements in areas such as energy storage, grid integration and smart grid technologies.