The Oil & Gas Year Nigeria 2012
Nigeria aims to be among the top-20 most developed countries in the world by 2020. The Oil & Gas Year Nigeria 2012 identifies education, regulation and increased local content as key elements in a plan that could leverage oil and gas wealth to combat deprivation.
Nigerian oilfield services providers have seen great benefit from the government’s regulation of the oil and gas industry. The Nigerian Content Development Act was passed in 2010 with some doubts as to its ability to change the oil and gas industry for the benefit of locals. However, there has been an upswing in the number of domestic oilfield services providers and the Petroleum Industry Bill is expected to further bolster the sector, if it is ever passed.
The Nigerian downstream sector is not without its problems. Rioting broke out at the beginning of 2012 when the president announced the end to fuel subsidies. The unrest was quelled when the government agreed to a compromise that partially restored the subsidies.
In 2012, The Who’s Who of the Global Energy Industry talked to key figures in Nigeria’s government and industry about law, energy, investment and plans for the future.