Ship&Offshore | Issue 02/2016
Sagging revenues entail dangers and opportunities
SUB-SAHARAN AFRICA | Oil prices below USD 30 per barrel were almost unthinkable just two or three years ago. In recent months, however, offshore operators have had to adjust their plans for new developments; huge investments have been scrapped for the time being. While the oil price slump has affected projects around the world, many countries in sub-Saharan Africa have been hit particularly hard. Revenues from the oil and gas industry were supposed to be a key component of long-term development plans, writes Dirk Siebels, PhD candidate at the University of Greenwich in London.