The African oil and gas hangover from 2015 and 2016 - and how it will affect the rest of 2017Friday, 12 May 2017 07:30Page 1 of 3Deep Ocean Ascension off Cape Town, South Africa. Coupled with uncertain views on gas and concerns about the country’s ability to finance its infrastructure endeavors, companies slowed investment into gas projects in the country. Nigeria’s production cut in 2016 can partly be blamed on the political challenges and security threat in the Niger Delta. Third time (or year) is a charm, as the oil and gas markets waited for positive news to no avail in the past two years, 2017 has an upbeat feeling. Exploration and production spending, according to Wood Mackenzie, is expected to increase to US$450bn this year, up 3 per cent from 2016 yet still 40 per cent below 2014 levels.

Source: The North Africa Journal May 12, 2017 07:30 UTC