Tuesday, January 19, 2021

Nigeria, others’ll lose $1tn oil revenue in 20 years



Nigeria and other African oil-producing countries will lose an estimated N1tn in oil export revenues over the next 20 years as prices are forecast to remain low.
PricewaterhouseCoopers said in its Africa Oil and Gas Review 2020 that oil production in Africa saw a decline of 10 per cent in 2020 from 8.3 million barrels per day, driven by the COVID-19 demand slowdown for exports.

It said the continent’s proven oil reserves remained static at 125.7 billion barrels from the end of 2019 to 2020.