REGIONAL REPORT NIGERIA/ANGOLA Africa's top two producers seen climbing the global E&P ranks

摘要

Although Africa is the world's poorest and least-developed continent,it is rich in natural resources and home to several up-and-comers in global E&P.In particular,the offshore sectors of Nigeria and Angola-its top producers-continue to be prolific drilling locations in the region. As Africa's largest oil producer,Nigeria's E&P sector plays a leading role in the growth of its economy.Petroleum accounts for approximately 40% of the country's GDP,and about 90% of its foreign income.However,war and disruption in the Niger Delta,Nigeria's main oil-producing region,continues to impede output,particularly onshore. Following his re-election,Nigerian President Muhammadu Buhari is facing an uphill battle to keep his promise to end Nigeria's addiction to oil.The West African nation is aiming to be self-reliant in meeting its fuel demand and cutting imports,which are straining foreign reserves.”Oil revenue is still what dictates government spending,and they will need to keep production going,”Lagos-based analyst Jubril Kareem,Ecobank Energy Research,told Bloomberg.”Buhari has to be very smart in handling the situation,because any disruptions will impact government revenue.”