The oil price slump is impacting Sub-Sahara Africa economies and its oil industry. Nigeria responded by devaluing its currency by 8% and plans to save US$3 billion through fuel subsidy cuts. Falling oil company stocks could prompt new M&A activity by indigenous companies looking to offload overvalued assets. Elsewhere in Angola, Maersk's Block 16 Chissonga project has come under pressure while Cairn Energy bucked the exploration trend with another discovery offshore Senegal.
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Plunging oil price impacting Sub-Sahara Africa economies and oil industry
Exploration: Good news offshore Senegal, but emerging basins elsewhere disappoint