ANGOLA AND NIGERIA OIL AND GAS SECTORS UNDER PRESSURE AS OIL PRICES FALL
January 1st, 2009
BY GEORGE STONE
WHAT a difference a year has made in the African oil industry. With sky rocketing oil prices fuelling an expansion boom in 2007 and 2008, this year will be much tougher for the oil and gas sector in sub-Saharan Africa. OPEC has slammed the brakes on production to arrest a free fall in prices sparked by the global recession, and this will harm African countries with newly-established production facilities. Even Nigeria's well-entrenched industry will suffer. Here, the Petroleum Review looks at the likely future fortunes of sub-Saharan Africa's two ...
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