Oil investment in Nigeria now at record low — Report | The Guardian Nigeria News - Nigeria and World News

  • 📰 GuardianNigeria
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 94%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Oil and gas investment in Nigeria has fallen to a record low, a new report by Renaissance Capital Limited revealed. The Russia-based investment bank said that the under-investment and chronic infrastructure issues plaguing the country’s oil sector manifested ...

Oil and gas investment in Nigeria has fallen to a record low, a new report by Renaissance Capital Limited revealed. The Russia-based investment bank said that the under-investment and chronic infrastructure issues plaguing the country’s oil sector manifested in a multi-decade production low of less than 1.5 million barrels of oil per day in December 2021.

RenCap said since the start-up of Egina deepwater project in the late 2018, only one or two new oil projects had come on stream. It said: “The near-term project pipeline screens thin, with Total’s Ikike , Amni’s Tubu and Shell/Seplat’s ANOH some of the scheduled 2022 start-ups. According to the report, Nigeria’s oil sector challenges has been exacerbated by a challenging operating environment, unattractive fiscal terms and oil majors’ exodus.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines