Nigeria, others suffered 40% drop in oil investment – Report

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Nigeria and other oil-producing countries in sub-Saharan Africa saw a 40 per cent decline in oil and gas investment in 2020 to the lowest level in nearly 20 years, a new report has said.

The report titled ‘Sub-Saharan Africa Upstream: 2020 in review’, was released on Wednesday by Africa Oil Week in partnership with Wood Mackenzie.

“Nigeria hardest hit with capital expenditure cut by 79 per cent but spend on Total’s Mozambique LNG development picked up pace. Upstream NPV10 falls 20 per cent and value of pre-FID projects nearly halves. Nigeria’s suffers the biggest reduction, but some gains in South Africa.” It said gas production was down four per cent due to declining production in Nigeria and Equatorial Guinea.

“Exploration drilling was at the lowest level since the 1950’s with just one commercial discovery,” the report said, adding that exploration and appraisal drilling fell by 85 per cent.

 

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Hey

We need more good news like this. The Zoo(Nigeria) must fall. f00lish country. Tufiakwa!!!

My country is not fucking moving forward.. cus my president is a modafukin Coward 🎙️🎶🎶

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