African projects at risk from price collapse

Despite efforts to shore up the oil price, oil majors are slashing capital expenditure, including cutting and cancelling planned spending in Africa, while independents are fighting for financial survival.The breakeven price for existing oil production in leading exporters Nigeria and Angola is $29/barrel and $32/barrel respectively, but these prices have not been reached despite a US-brokered agreement on 12 April between Saudi Arabia, Russia and other Opec+ producers to call off a disastrous price war.