Oil & Gas explorers need to rethink their capex on exploration activity in Africa in the light of the drop in the global oil price: PwC analysis
According to PwC’s ‘Fit for $50 oil in Africa’ analysis, Africa has seen substantial successes in the exploration for hydrocarbons over the last decade
Oil & gas explorers must rethink their capital expenditure on exploration activity across the African continent in the wake of the significant drop in the global oil price, according to an analysis on the oil & gas industry in Africa released by PwC today.”Oil & gas explorers will be relooking at their budgets and deciding where to allocate their limited capital spend given the substantial decline in the oil price. Overall, low oil prices could have an impact on production undermining certain players in the market,” warns Chris Bredenhann, PwC Africa Oil and Gas Advisory Leader.
The WTI price for crude oil recently plunged below US$49 per barrel, following wide-scale reports of oversupply in the US. Current reserves are reported in the press to be at their highest level in the past 80 years.
According to PwC’s ‘Fit for $50 oil in Africa’ analysis, Africa has seen substantial successes […]