After losing Angola and other key players, the Organization of Petroleum Exporting Countries (OPEC) has set its eyes on Namibia for possible membership after a significant amount of oil was discovered within its shores.
In a bid to promote drilling efficiency, oil and gas companies are projected to spend $58 billion on well intervention, says Rystad Energy.
The company expects potential reserves in Nigeria to fall further by 6 billion barrels.
Oil prices have slumped again on Thursday, following the declaration of a travel ban on European countries into the United States.
New oil production cuts must be announced by the Organisation of OPEC+ to keep oil price above $40 per barrel.
A recent study report by Rystad Energy has suggested that many international oil exploration companies may soon be faced with huge profit loses.
