2016 was another tough year for Sub-Saharan Africa. Investment was slashed as companies delayed non-essential developments. As a result, production fell 8%, mostly due to renewed militancy attacks in Nigeria. Exploration was out of favour and licensing rounds failed to attract bidders. Amid the gloom, good news is worth clinging onto. Discovered volumes remained on a par with 2015 levels demonstrating efficient use of reduced exploration budgets. While gas finds dominated the headlines, proposed FLNG projects stalled. M&A activity picked up in Q4, signalling investors’ belief that the worst may be behind us. The fiscal response continued to be mixed but Angola bucked the trend by offering lenient terms to stimulate investment. Our review is available in a slide pack, which also contains links to our top insights, informs and month-in-brief reports published in the past 12 months.