Emmanuel Addeh in Abuja
Despite controlling at least 60 per cent of West Africa’s $80 billion oil market, Nigeria’s cost of drilling per barrel is about 40 to 50 per cent higher than its peers, a report by Deloitte, a global firm which provides audit, consulting and financial advisory services across various industries, has said.
Besides, the report stated that the West Africa oil and gas market is projected to achieve a compound annual growth rate (CAGR) of 6.5 per cent from 2025 to 2033.