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ANGOLA NIGERIA

ExxonMobil's African business slumps

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“The oil companies' quiet retreat from the Gulf of Guinea”

GULF OF GUINEA

The oil companies' quiet retreat from the Gulf of Guinea

Long considered an oil Eldorado thanks to the presence within the region of Africa's two leading oil producers, Nigeria and Angola, the Gulf of Guinea is declining. The inexorable rundown in its output -few if any new discoveries have been made recently in Gabon, Cameroon or Equatorial Guinea - and the fall in oil prices brought about by the Covid-19 pandemic have speeded up the retreat from the region in which the oil majors have been engaged for some years already. [...]

Although it has recently invested in offshore drilling in the Gulf of Guinea, the Western world's biggest oil company is on a downward slide. [...] (193 words)

Published on 04/05/2020 at 05:00 GMT

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