Oil prices below $80/bl could threaten the profitability of some Angolan deepwater projects, but the sector remains the focus of the biggest investments in west Africa. The IEA’s Africa Energy Outlook assumes upstream oil investment in 2014-20 at over $15bn/yr for Angola and $8bn/yr in Nigeria, constrained by regulatory uncertainty (WPA, 6 June, p6). “More telling still, only 40pc of planned capacity in Nigeria has passed the final investment decision, whereas 70pc in Angola has passed this milestone,” the IEA notes. Over 1.3mn b/d of Angolan capacity is due on stream by 2020, compared with 900,000 b/d in Nigeria.
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