Small oil companies in Europe, the Middle East and Africa are likely to be particularly prone to liquidity problems because of their concentrated production bases and in some cases the shrinkage of reserve-based lending facilities, ratings agency Fitch said Wednesday. Fitch highlighted Nigeria-focused Afren as an example of a company it said had got into difficulty mainly because of over reliance on a flagship field, Ebok in Nigeria, rather than the impact of a corporate governance scandal.
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