Double trouble for West African upstream

Corporate carbon goals and local regulatory regimes will determine whether the region’s deepwater sector can attract renewed interest from investors

West Africa saw a series of divestments and delays or cancellations to oil and gas projects last year following Covid disruptions and the collapse in oil and gas prices. But the global contraction in the E&P sector arguably only exacerbated the recent trend in the region, where international appetite for greenfield projects has dried up in the last few years—particularly in Nigeria, where yet another deadline for the country’s long-awaited Petroleum Industry Bill (PIB) is about to expire. Funding and carbon intensity The financial market which might fund renewed West African efforts is facing growing climate and transition pressures, says Julian Mylchreest, executive vice-chairman at Ban