The oil and gas industry generated a lot of activities in
2014 with the slide in crude oil prices being the most significant development.
The industry remains apprehensive because there is no indication yet that crude
prices will soon return northwards. Nonetheless, the volatility of the international
crude oil market is a chequered one. Now that the Organisation of Petroleum
Exporting Countries (OPEC) has decided not to cut production for now, the
prices are unlikely to improve.
The slide in prices of crude oil has been
particularly bad for Nigeria, a nation which remains dependent on oil as a
major source of income. The recent devaluation of the national currency by
Central Bank of Nigeria is a direct consequence of drop in national revenue
following decline in oil prices. As the curtain falls on 2014, the factors that
will shape 2015 are all too evidentExcerpt from Afica Oil+Gas Report.
\Written by Adedayo Ojo
!Adedayo Ojo is Lead Consultant/CEO of Caritas Communications Limited, a specialist reputation strategy and corporate communication consultancy based in Lagos. Caritas is the West Africa affiliate of Regester Larkin, a pioneer reputation strategy and management consultancy with offices in London, Washington, Houston, Singapore and United Arab Emirates
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