OIL PRICE SLUMP WORSENING NIGERIA'S CASH CRUNCH

Low oil prices are aggravating a cash squeeze in Nigeria that is crimping upstream investment. The current oil price slump is compounding Nigeria's inability to fund its 60%, equity cash call in joint venture agreements with foreign companies. The debt crisis is hindering spending for exploration and development and threatens to squeeze outlays for maintenance needed to sustain current productive capacity. Some industry officials in Nigeria claim the country's production will drop next

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