Business Day: West Africa Energy in 2014

2014 on the global terrain was a year filled with industry’s highs and lows; big contract wins, the big exploration finds, dry oil wells, impact of Shale oil boom, newer technologies, dwindling grip of OPEC cartel, ascension of US as dominant global oil player.

Within the African region, 2014 saw Africa’s deepwater attract some attention from oil firms; US imported zero Nigerian crude from August for the first time in decades; huge gas finds and investment continue in East African countries while many Africa countries intensify oil and gas exploration and production.

Royal Dutch Shell Plc’s profits for the fourth quarter 2013 may have been hard hit by the security situation in Nigeria. The global oil major has disclosed that its earnings for the quarter are expected to be significantly lower than recent levels of profitability, considering current oil and gas prices and the downstream oil products industry environment.
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