Energy

In 2011 Nigeria had the world’s 10th-largest oil reserves, at 37.2bn barrels, and the ninth-largest reserves of associated gas, at 182trn standard cu feet. Yet as the country’s proven reserves of both oil and gas start to decline, the imperative will be to clarify the industry’s long-term legal and fiscal outlooks to encourage more investment in exploration and production. Despite legislative delays, Nigeria is making progress in expanding local firms’ share of production and oil services while also catalysing significant investment in gas-to-power projects. The sector’s positive outlook is contingent on progress in the key areas of energy production and the expansion of investment in more sophisticated offshore projects. Alongside implementation of the Gas Master Plan, enacting the long-awaited Petroleum Industry Bill before the 2015 elections would prove a significant help. This chapter contains a viewpoint from Diezani Alison Madueke, Minister of Petroleum, and interviews with Austin Avuru, Managing Director, Seplat Petroleum Development Company; and Emeka Ene, Chairman, Petroleum Technology Association of Nigeria.