Nigeria Oil and Gas Report - Business Monitor International - Industry Reports

Nigeria Oil and Gas Report

Nigeria Oil and Gas Report - Business Monitor International - Industry Reports
Nigeria Oil and Gas Report
Published Oct 08, 2016
107 pages — Published Oct 08, 2016
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Abstract:

Nigeria continues to discourage potential exploration investment due to a lack of regulatory clarity and high operational risk. The main operational risks remain oil theft and pipeline sabotage, while the delayed passage of the Petroleum Industry Bill (PIB) is the ever-present regulatory risk. ...Stagnant reserves since --------- are indicative of the strong slowdown in exploration activity, notably onshore, since the rise of violence from militant groups starting in ----. Limited investment has gone towards oil or gas exploration over the past five years, and the number of wells drilled has declined strongly since ---- According to Baker Hughes, the average rotary rig count in Nigeria this year is six as of July, down from an average of -- in ---- and less than half the average of -- for ----. Stagnant reserves since --------- are indicative of the strong slowdown in exploration activity, notably onshore, since the rise of violence from militant groups starting in ----. ...Limited investment has gone towards oil or gas exploration over the past five years, and the number of wells drilled has declined strongly since ---- According to Baker Hughes, the average rotary rig count in Nigeria this year is six as of July, down from an average of -- in ---- and less than half the average of -- for ----.

...A worsening security situation has lead us to severely downgrade Nigeria s oil production, as oil and gas instillations have been continually targeted since the start of the year, halting exports at a number of key export terminals. The Aje Field, operated by Yinka Folawiyo Petroleum, announced first oil at the start of May ----. The FPSO is located offshore from Lagos and is expected to produce up to --,---b/d. The Trans-Forcados Pipeline that supplies the Forcados export terminal was blown up in February, triggering a force majeure (see Midstream Vulnerabilities: A Drag On Production Growth , February --). Over the past four years the terminal has averaged over ---,---b/d of exports per month and local reports have suggested that ---- exports would have been over ---,---b/d. After a second attack in June hampered repair efforts, Shell has decided to shut the terminal indefinitely until the security troubles are resolved. Gas pipelines feeding power stations have been targeted by the Niger Delta Avengers, leading to a reduction in our gas production forecast this quarter; we note further downside risk to production if the

...According to Baker Hughes, the average rotary rig count in Nigeria this year is six as of July, down from an average of -- in ---- and less than half the average of -- for ----. The NNPC plans to start exploratory drilling in the Lake Chad Basin by October ----, having conducted -D seismic surveys in ----, according to NNPC Chairman Emmanuel Kachikwu. ...

  
Source:
Document ID
1748-412X
Country
Industry
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Nigeria Oil and Gas Report" Oct 08, 2016. Alacra Store. Dec 09, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Oil-and-Gas-Report-2026-2638>
  
APA:
Business Monitor International - Industry Reports. (2016). Nigeria Oil and Gas Report Oct 08, 2016. New York, NY: Alacra Store. Retrieved Dec 09, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Nigeria-Oil-and-Gas-Report-2026-2638>
  
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