The Oil & Gas Year Nigeria 2015
Featuring interviews with the director of the Department of Petroleum Resources, former executive secretary of the Nigeria Content Development Board, Total Upstream Companies in Nigeria’s managing director and the group CEO of Oando, TOGY’s fourth book on Nigeria is a fascinating resource for investors in a dynamic market.
The election of Nigerian President Muhammadu Buhari has brought renewed hope to the country’s oil and gas industry. Recent developments such as subsidy reforms, the Nigerian Content Act of 2010 and the soon-expected passing of the country’s Petroleum Bill are all signs of progress.
Several international oil companies have suffered losses in Nigeria through oil theft, vandalism, piracy attacks and infrastructure gaps. As a result, these foreign operators have begun divesting from their onshore assets and moving into the country’s offshore concessions where the potential for sabotage and theft is less severe.
The Oil & Gas Year Nigeria 2015 devotes its Year’s Focus chapter to the country’s indigenous companies. These local operators are taking advantage of assets sold off by international oil companies and the country’s concerted effort to develop local content. However, gathering sufficient funding for exploration and production activities by these companies has proven to be a challenge since the fall of oil prices in mid-2014.