Implementation of the 2010 Nigerian Oil and Gas Industry Content Development Act has raised the share of in-country sector spending, contracting and funding. While international oil companies (IOCs) are making efforts to comply with the act, foreign contractors are increasingly establishing local ventures, and local firms are gaining a larger share...
Following the handover of the Power Holding Company of Nigeria’s (PHCN) assets, talks will now move from the bidding process of the PHCN’s successor companies to the next set of challenges: what the possible roadblocks could be going forward, and what kinds of strategic decisions are the new owners likely to make? The finance and other types of...
Over the past decade, the thirst for fuel in emerging economies has mirrored their spectacular economic rise, shifting growth in demand for energy from the West to the East. The changing dynamics of energy demand have, in turn, affected the downstream petroleum sector, increasing the share of new investment flowing to emerging markets. Four out of...
As privatisation of Nigeria’s power sector evolves, one of the most pressing concerns will be that of risk guarantees. Given the stuttered progress in attracting investment to the sector prior to 2013, finding ways to reduce the risk profile of projects is considered important. The privatisation process has been designed with a reliance on...
With increasing support from the government, local exploration and production (E&P) firms are expanding their share of output and prospects. International oil companies (IOCs) have gradually been retrenching their positions onshore and in shallow waters, selling over $7bn in combined assets over the past three years to both local firms and...
Although it is Africa’s largest crude exporter, Nigeria remains dependent on imports for some 86% of its refined fuel needs of 35m litres daily, equivalent to 279,000 barrels per day (bpd). Successive rounds of turnaround maintenance (TAM) have failed to expand domestic refining capacity, while the subsidy structure of fuel sales incentivises the...
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