Nigeria’s energy unions cry wolf as markets dismiss threat
The energy market has grown increasingly dismissive of Nigeria’s oil and gas unions and their seemingly empty threats to shut in the county’s energy exports
At the end of last week, the white-collar Petroleum and Natural Gas Senior Staff Association of Nigeria (Pengassan) and the blue-collar Nigeria Union of Petroleum and Natural Gas Workers (Nupeng) threatened to join a general strike called in response to the federal government’s decision to scrap fuel subsidies. Pengassan claimed that, had it carried out its threat, it would have cut 2.3 million barrels a day (b/d) of crude exports. With Bonny Light crude trading at $115 a barrel, the shut in would have seen Nigeria’s federal government lose about $264.5 million a day of oil revenue. A country-wide production shut-in would also have cut gas output and liquefied natural gas (LNG) exports. Nige
Also in this section
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well