Low crude oil prices : Angola, Nigeria cut $133b capital expenditure

A new report by Wood Mackenzie has revealed that the oil and gas industry in Nigeria, Angola and other countries in the sub-Saharan African cut $133 billion capital expenditure between 2015 and 2020 as a result of the crash in crude oil prices.

The report further revealed that 87 per cent of oil and gas projects were downgraded or cancelled in Nigeria and Angola.

Wood Mackenzie report highlighted that in Nigeria, crude oil production dropped by 12 per cent which increase the cost per barrel equivalent, despite the six per cent Operating Expenditure savings.

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