Discovery of Oil
Malabo has been significantly affected by Teodoro Obiang Nguema Mbasogo's growing co-operation with the oil industry. The country's production has reached 360,000 barrels per day (57,000 m3/d) as of 2004, an increase which led to a doubling of the city's population, but for the vast majority, very little of that wealth has been invested in development.
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Famous quotes containing the words discovery of, discovery and/or oil:
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“The discovery of the North Pole is one of those realities which could not be avoided. It is the wages which human perseverance pays itself when it thinks that something is taking too long. The world needed a discoverer of the North Pole, and in all areas of social activity, merit was less important here than opportunity.”
—Karl Kraus (1874–1936)
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