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...
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As the world’s 15th-largest oil producer and ninth-largest producer of natural gas, Algeria largely relies on its significant hydrocarbons reserves and strong export markets in Europe and the US to drive its economy. In 2012 the country produced almost 1.7m barrels per day of oil and 81.5bn cu metres of natural gas. State-owned Sonatrach controls around 80% of the upstream segment; however,...
As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.
Economic update | Oxford Business Group | Landmark power privatisation to drive Nigeria’s economy
2 Dec 2013
Businesses and consumers in Nigeria will be hoping that a more reliable electricity supply could be in sight after the government transferred most of the country’s power generation and distribution to the private sector at the beginning of November.
Economic update | Turkey’s pipeline balancing act
28 Nov 2013
As Turkey looks to diversify its sources of natural gas, one option that is coming closer to reality is a deal with the Kurdistan Regional Government to build an oil and gas pipeline from northern Iraq. While this link would help consolidate Turkey’s position a regional energy corridor, it risks upsetting relations with Iraq.
Considerable oil and gas revenues have provided the Algerian government with sufficient funds to embark on generous public spending programmes in nearly all sectors, leading to improvements in many of the country’s headline indicators.