All publications by tag «NIGERIA»
Oil & gas output from ultra-deepwater (>1,000m water depth) fields will continue the relentless growth seen in recent years. In the latest World Drilling & Production Forecast, Douglas-Westwood predict combined oil & gas production from such fields will grow 7.7% year-on-year over 2015-2021 from 6.5 mboe/d to 10.2 mboe/d.
As petroleum minister during the 1970s oil boom, Muhammadu Buhari set up the Nigerian National Petroleum Corporation. It is an accident of history that the same man, elected president in March, could now be compelled to dismantle the state oil company he helped create.
The crisis has crept up in recent weeks amid wrangling by national fuel marketers over more than $1bn in alleged outstanding payments by the outgoing administration of President Goodluck Jonathan.
Nigeria earns 75% of its budget from oil. The country uses much of that revenue to subsidize fuel prices. Nigerians buy gasoline for just $1.65 a gallon. To the companies that sell fuel to Nigeria, the government pledges to pay the difference between that price and the market rate within 45 days.
Nigeria’s incoming government should consider selling down its majority stakes in joint ventures with multinational oil companies to shore up state finances and raise funding for infrastructure development, according to the central bank governor.
France’s Total completed the sale of its non-operated stake in onshore Nigeria oil mining lease (OML) 29 to Nigeria’s Aiteo Eastern E&P on Monday for $569 million.
But now, with prices low, the risk of getting busted by Nigeria’s navy now outweighs the get-rich rewards of sabotaging pipelines, stealing oil and smuggling vast quantities of it onto international markets. Indeed, some of these thieves have reverted to plunking fish traps in the waters they helped pollute.
Deepening political divisions between Nigeria’s regions over the presidential poll and the absence of a clear front-runner increase the risk of a contested outcome and a turbulent aftermath
Nigeria devalues currency as oil prices drop
Total resumes $2.5 billion Nigerian deepwater oil field sale