· New oil discoveries in North Africa came amid the high demand and high prices in the oil market. This has made some of the top leading oil companies focus their eyes on the North African countries.
· Oil reserves in North Africa has some significant impacts if the oil fields explore to the maximum. These impacts include the economy, society and politics of the said regions.
African land is rich with various minerals found in the earths’ crust that promote the production of oil. The US geological survey discovered vast oil and gas basins that extend between Libya and Tunisia over large areas. This comes amid the recent high demand of oil around the world and the high oil prices. The two deposits contain a total of 4 trillion barrels of oil and 385 billion cubic feet of natural gas as reported by the agency. The oil and gas reserves in Libya could duple as a result of the discovery. While Tunisia might become the major North African energy producer.
Electrical insulators prevent electric current from flowing to the unwanted places on the transmission lines. They mainly protect the conductors from the excess voltages in the transmission lines. Electrical insulators are also known as power insulators used on the overhead transmission lines. They apply to both transmission lines and telecommunication lines. The devices include post insulators, spool insulator, transmission insulator and suspension insulators. Each of these insulators are from different materials that apply to different weather environments and different uses in the fields.
Assessing how new discoveries satisfy the demand
Oil discovery in North Africa came amid the high demand of oil around the world. Many current oil producers have reduced production which brings high demand and less supply. Hence, the oil prices go high. The discovery could help in meeting the current demand of oil and its oil products. New oil discoveries could increase supply of oil in the market and reduce the oil prices. It could also reduce the reliance on imported oil from other countries. Electrical insulators are from different materials such as glass, porcelain or polymer. These materials help them to resist the different weather conditions in a set environment. New oil discoveries could also create job opportunities and boost economic growth in the areas they occur.
Impacts of oil discoveries in North Africa
The new discoveries of oil in the northern part of Africa especially Libya and Tunisia could bring various impacts to the region. These impacts could affect the politics, economics and social conditions of the region. It is important, therefore, the countries should prioritize sustainable practices to manage social and environmental impacts effectively to avoid the repercussions. Electrical insulators are from similar material to the conductors to prevent abrasion. The abrasion is from the friction caused by vibrations from strong winds. The various impacts of new oil discoveries in North Africa are as follows:
1. Economic enhancement
New oil reserves in can lead to a significant revitalization in the economy. This is through increased exports, job creation and investment opportunities. Libya and Tunisia struggled economically over the past years and the new oil discoveries could help regrow the economies.
2. Geopolitical effect
Oil-rich countries become more influential in their regions and may bring more competition and tensions between countries in the regions. New oil discoveries may also affect the oil prices in the countries. This is because the supply will be higher than the demand and it may affect the oil producers. Therefore, there should be policies and regulations to meet the demand and benefit the oil producers.
3. Environmental anxieties
Extraction and production of oil causes great environmental concerns since it is a form of fossil fuel. Greenhouse gases may emit during the processes which may lead to changes in climate. Other concerns include pollution and habitat destruction. Libya and Tunisia should focus on sustainable and environmentally friendly practices to reduce the negative impacts from these processes.
4. Improved investment
The new oil reserves discovered in the middle of a high oil demand in the oil market. Foreign investors may become interested in investing in North African countries. This may lead to an increase in investment in other industries and sectors other than oil. Investment also contributes to the growth of the economy and countries. Electrical insulators protect the overhead devices from lightning strikes and electrical surges.
5. Social impact
New oil discoveries may lead to the displacement of the locals living on or near the oil fields. This displacement may affect their livelihoods and hence the countries should ensure that the benefits of the oil discoveries divides equally among all members of the society.