In the second half of July 2012 hopefuls submitted technical and financial bids for 17 of the 18 companies formed from the state-owned Power Holding Company of Nigeria (PHCN). With announcement of the preferred bidders for five out of six generation companies made in September 2012. An accumulated total of over $1bn had been offered for the power...
In terms of electricity production, Nigeria’s power sector faces many challenges. According to June 2012 remarks by Bart Nnaji, the former minister of power, the Power Holding Company of Nigeria (PHCN), which is being unbundled, had debts of N400bn ($2.56bn). With its own plants gas-fired, PHCN had been paying just 50% of what it owed for that gas...
The fate of Nigeria’s economy has long been intertwined with the trajectory of its single-largest export: oil. As a result, the country is sensitive to the ups and downs of the global crude market, which can have significant repercussions on domestic growth and capital accumulation. Oil prices thus play a crucial role in underwriting both the short-...
Across Libreville, Gabon’s economic and political capital, construction is booming. New apartment projects stand beside office-tower scaffolding. Outside the city centre, ground is being cleared beside the village of Nkok to make way for large industrial projects in the newly inaugurated special economic zone. Inland, mining projects across the...
In April 2011 a four-day strike by the National Oil Workers Union (l'Organisation Nationale des Employés du Pétrole, ONEP) caused severe disruptions to oil production across Gabon and cost the government an estimated CFA59bn (€88.5m). Total and Shell’s operations were completely shut down and Tullow Oil experienced severe disruptions. After...
The oil industry has long reflected Gabon’s colonial past, and its close ties with Europe and France in particular. Total was first oil company to begin production in Gabon. Over the years, the French firm has battled back and forth for the distinction of largest producer in the country with Shell, an Anglo-Dutch oil giant. The Italian major ENI...
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