Nigeria looking up
Long-awaited legislative progress, peace in the Delta and some astute political management are creating optimism in the country's energy sector
Over the next five years, the federal government of Nigeria is looking to attract about $10bn in new investment into the country's energy sector. About $6bn is needed to fix its refineries and reduce petroleum product imports. The Nigerian National Petroleum Corporation (NNPC) also intends to upgrade total refinery processing capacity to 0.7m barrels a day; a level that, even at 50% utilisation, would meet domestic demand. (Current nameplate capacity is about 450,000 b/d, but actual processing is much lower.) Much new spending is needed for gas pipelines and processing capacity; the NNPC has its own plans to build a 0.5bn cubic-feet-a-day gas processing plant to feed the power sector. Nigeri
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The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
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Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
