In Sub Saharan Africa, capital investment has been cut by US$100 billion over the next five years. Deepwater has suffered most due to its high breakeven price relative to other sectors. Nigeria and Angola, have borne the brunt of these cuts given their pre-eminence here. As a result, liquids production will decline to 2.6 million b/d by 2030, down from 4.8 million b/d presently.
How is the upstream industry responding to lower oil prices and what are the opportunities available to upstream players in the region?
We review the key Sub-Saharan Africa exploration, production, investment, fiscal and M&A trends in the past 12 months.