Africa's Oil: A Blessing or a Curse?

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Booming Demand Creates Rig Shortages

A worldwide rig shortage is delaying oil drilling in East Africa, which is slowing growth and pushing up costs in one of the industry's hottest new exploration areas, industry players and officials said.

"Demand for deepwater rigs has gone up for use in East Africa ... there is definitely more international interest in the region," said Marne Beukes, an analyst who studies sub-Saharan Africa for global data firm IHS.

(Photo: SIA KAMBOU/AFP/Getty Images)

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