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What Angola can learn from Nigeria as it creates remarkable opportunities for marginal oil production

With production declining and investment scarce, the Angolan leadership has put in place a number of new policies to reboot its oil industry and propel economic development. However, those changes take time and renewed deep-water oil and gas exploration for fresh reserves will take years to yield the desired results and stop the daily production crunch.

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Cutting the cost of oil production

Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had last week in a public event, indicated that the Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria. He said the move was to cope with the current low price of crude oil in the international market.

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