Africa’s upstream spend in 2020 is down US$14bn: Wood MackenzieCreated: Thursday, 02 July 2020 05:09Research and consultancy group Wood Mackenzie has said that Africa’s upstream spend in 2020 is down US$14bn versus its pre-crash viewAccording to the group, no resource theme is immune, but capex cuts and deferrals are particularly severe in deepwater (West Africa) and LNG (Senegal/Mauritania and Mozambique). The oil price crash wiped US$1.6 trillion off the valuation of the global upstream industry, according to Wood Mackenzie. Since the crash:-Global upstream development spend for 2020 is 30 per cent lower than the pre-crash view. -Only nine major FIDs are expected in 2020 versus its pre-crash view of around 50 new project approvals. Fraser McKay, vice-president, upstream, said, “The oil price crash and the market uncertainty it caused has affected all regions, all operators and all resource themes.

Source: The North Africa Journal July 02, 2020 05:37 UTC