Okay, you mentioned that African crude oil from Nigeria, from Algeria and so on is being displaced from the United States because the United States are no longer importing from these countries, what's happening with it, what are the consequences on African economy? I think limited consequences and we have to look into detail but clearly, very recently, the exports of Nigerian oil and probably Angolan oil to the US have fallen to nearly zero. All this oil probably is coming to China and India. Even if you have a slow down in the consumption, reduced increase in the demand for oil in these countries, they still need large quantities of oil. There's also always what they say, it's an older story. I don't know who said that but if you want to put China on four wheels, you need five planets. The calculation is simple. You have something like 500, 600, 700 cars in the US for 1,000 inhabitants. In China, even with a huge recent development of this, you have probably between 50 and 60 or 70 cars for 1,000 inhabitants, assuming that the Chinese they have the same number of cars as in the US compared to the population, they will use the same amount of oil per inhabitant, and if US inhabitant is using something like three tons of oil every year. So if the Chinese are using the same three tons of oil, there are 1.3 billion inhabitants and you come to the total oil consumption of the world and in fact China of course this is a big country that is only one fifth of the population. So if we want to put the Chinese on four wheels, we need five planets. It's a bit stupid, but it gives you a taste of the huge potential increase in the demand for oil. Fortunately, we have by a limitation of the number of gas, we have have probably decreased in the unit consumption of gasoline or diesel by the gas, at anywhere the potential is huge. In Africa, there have recently been some major discoveries. It's considered a very promising continent for the future of oil and gas, right? Yes. Something which is very important is that probably 60 percent of the oil and gas discoveries over the last years were made in Africa, which is very impressive when you know that in fact Africa is about a bit less than eight or nine percent of the total oil reserves, gas reserves, oil consumption, gas consumption. Especially gas is limited simply not because there is no need for gas, but because it's relatively complex to distribute gas, it's costly and you have a population with a very low purchasing power. So it's clear that typically, today, before the recent discoveries, Africa was a good country for oil and gas but limited. Especially you have a fair production in Africa in Libya with older barrels in Libya these days and also a fair production in Angola and Nigeria. But in total, West Africa to take it is something in the range of five to six million barrels a day production compared to the 90 million barrels a day total oil production in the oil, so relatively limited. We had recently, it's a big event for me, it's a huge discoveries of gas in Mozambique and Tanzania and it's huge. We could expect that in the future, the production of LNG, liquified natural gas because I will have to go to LNG since you could use limited quantities in the country and the South Africa which will be a good thing for South Africa. But basically that will make LNG and the potential for LNG is the same as the potential for LNG in Qatar which is 80 million tons a year. Of course when you compare these two, the total consumption of oil and gas is limited but it's huge from the point of view of LNG. Probably the total production of LNG these days is in the range of 250 to 300 million tons a year normal. So this is something back in- This is very important. For gas, yes this is absolutely huge and you ever saw potential for Shale gas in Algeria, in South Africa. You have a lot of discussions, very different discussion by the way in Algeria and South Africa. But you have a huge potential for Shale gas we then develop shale gas and crude oil. Regarding crude oil I would be much more careful. You had some discoveries, that's clear. Countries like Ghana, Ghana is producing now. Uganda and Kenya partly will produce in the future. We have some discoveries from time to time. But typically, let's take the example of Ghana. Ghana is producing 100,000 barrels a day, which is a bit more than 1,000 of the world production. So it's good for the country, it's good for the region but it's relatively limited. So limited to new discoveries for oil, but huge discoveries for gas. The Chinese companies are especially active in Africa, aren't they? They are, yes. Of course, you can find a long discussion very recently about this. You have three big Chinese company especially two, CNPC ;China National Petroleum Corporation and SINOPEC which at the beginning was a petrol chemical company but now it's become a so fair oil company. They are very active everywhere because the situation in China and China is a situation of France in 1920, Italy in 1945. We always remember the story of Mr. Gray Commenti. I like it very much. The Seven Sisters etc. But let us coming back to China. In fact, these companies are doing the same as [inaudible] at the time was doing for Italy go abroad to take crude oil and to bring it back to the country where you have very limited production but they were successful in Iran and Russia. So CNPC is explicit and the SINOPEC also is very active in Africa. One of the reason is simply that if you want to go abroad to find oil, you should take into account the fact that in some countries in fact some of the companies in these countries are closed to the international companies whether they are private or national companies from China. Countries like most of the Gulf is closed even Russia de facto is more or less close to the company so they are going to Africa where they can find some fair quantities of oil. They were producing most of the oil in Sudan as they are very active also in Chad and in Nigeria where they found some fair quantities but problem is the relationship between the Chinese companies and local governments which are sometimes a bit difficult but it's clear that they are very active in this region Well, thank you very much. We have touched many points that we have discussed in our lectures and I think this will help us understand the situation very well.