Nigeria’s oil and gas sector seems to be looking bright with more oil fields being considered for offering in 2021, even as fiscal policy direction will further spur the needed activities spearheaded by oil majors. CHIKA IZUORA writesNigeria’s oil and gas industry appear to be expanding, albeit not so fast opening more market opportunities.
The shift to gas is supported by the fact that major oil reserves are likely to dry up in coming decades. Group managing director of the corporation, Mele Kyari told an online chat hosted by the Society of Petroleum Engineers International that the current price rebound should enable “some kind of licensing” next year, which he said could include ultra deepwater fields.
Buhari said that following the crash in global oil prices earlier in 2020 as the coronavirus pandemic spread around the world, the Nigerian economy which is already projected to contract in the third quarter could fall into its second recession in four years.President Buhari used the budget presentation to urge lawmakers to pass the landmark oil reform legislation, the Petroleum Industry Bill , into law to stimulate much needed investment in the Nigerian oil industry.
The NNPC currently manages the Nigerian government’s interest in joint ventures with foreign partners including Shell, ExxonMobil, Chevron, Eni and Total. They account for 90 per cent of Nigeria’s over 1.8 million b/d oil output.