February 9, 2015

Sub-Saharan Africa Oil Industry Faces Crude Reality

The big picture

Brent crude oil prices have fallen by more than 60% since June, in a downward spiral that historically could be one of the most challenging periods for Africa’s oil and gas sector.

During the past four years, the US’s bid for energy self-sufficiency has ruffled sub-Saharan Africa’s (SSA) main producers, principally Angola and Nigeria. Predictions made a decade ago about rising imports of West African crude – then forecast to reach 25% of total US crude imports by 2015 – into North America, now seem naive in light of the shale oil and gas revolution.

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Rolake Akinkugbe
Head,  Energy and Natural Resources