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International Energy Agency (IEA) predicts that Angola will surpass Nigeria as the continent’s top oil producer in 2016.

16/10/2014 by

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Angola will surpass Nigeria as the continent’s top oil producer in 2016. 

Although production numbers of Nigeria and Angola between 2014 and 2016 are similar, issues of oil theft and poor governance in Nigeria will see the country lose an estimated 150 thousand barrels of oil per day which is roughly 5 billion dollars a year. This is likely to curb investment.

“Some of the projects in Nigeria have not even been sanctioned yet and final investment decisions have not been taken. Whereas with Angola you’ve seen a lot of investment decisions taking place already,” said Dolapo Oni, an oil and gas analyst from Ecobank.

Oil theft and poor governance affecting Nigeria's status as Africa's largest oil producer

Nigeria could soon lose its crown as Africas largest oil producer due to oil theft and poor governance. The International Energy Agency predicts Angola will overtake Nigeria as the continent's top oil producer from 2016.

Eighty per cent of Angola’s oil production is offshore, while only 70-75 per cent of Nigeria’s oil production is offshore. A larger offshore base allows access to greater reserves and it makes it more difficult for thieves or pirates to disturb production.

While Angola has presented opportunities for investment and exploration in the deep water regions, Nigeria has not seen a high level on exploration off-shore.

This article has been extracted from http://www.cnbcafrica.com/, please click on this link to read the article in full
 http://www.cnbcafrica.com/news/resources/2014/10/14/oil-nigeria-angola/

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