CWC

Angola Returns, Nigeria Remains

Angola has furiously mended fences with International Oil Companies, creating new opportunities for a return to some robust deep-water exploratory activity.

But Nigeria has remained challenging for these same actors.

The difference is not entirely about government policies.

Geology has played a major role in making Angola a supplicant, and Nigeria, relatively aloof.

Until the raft of agreements with each of four majors: ExxonMobil, TOTAL, BP and ENI in the last one year, Angola was looking at a landscape of declining activities and a huge chance of production becoming a terribly small fraction of what it once was, over the coming decade.

Conversely, a long queue of deep-water projects snake around Nigeria’s Niger Delta basin, which has a thicker sedimentary fill than Angola’s Congo Basin.

Nigerian produces from a rich diversity of terrains; onshore land, onshore swamp, shallow water and deep-water, whereas Angolan production is 98% deep-water.

Nigeria hosts a diverse cast of producers; home-grown independents, the state hydrocarbon firm, a Europe based Chinese owned independent, an Indian producer, majors and super majors from Europe and America.

Angolan production relies almost entirely on the majors and super majors and, to a small extent, the operating subsidiary of the state hydrocarbon firm.

Angola’s decline in production fortunes didn’t start with the crash in crude oil prices.

Click here for the full story here.



No comments yet.

Leave a comment

Comment form

All fields marked (*) are required

© 2019 Festac News Press Ltd..