Apart from the immediate relocation of investments in excess of $25 billion to other countries, Nigeria will also be opened to the risk of fines running into billions of dollars in International Courts if it amends the Nigeria LNG Acts, according to the Managing Director of Nigeria Liquiedfied Natural Gas (NLNG), Babs Omotowa. Omotowa said that Venezuela and Ecuador were … Read More
Key Stakeholders Target High Local Content in Zabazaba Project
The Nigerian Content Development and Monitoring Board (NCDMB), the Nigerian Agip Oil Company (NAOC) and key stakeholders of the oil and gas industry have committed to achieving high Local Content levels in the Zabazaba development project. NAOC is developing the Zabazaba and Etan deep water integrated project in partnership with the Shell Nigeria Exploration and Production Company (SNEPCo) on Oil … Read More
Gas Industry Must Invest in ‘New Energy Future’
According to PricewaterhouseCoopers (PwC), regardless of the current bleak landscape of the Africa’s oil & gas industry, there is still hope for the sector to attract investors’ confidence. In the PwC Africa, oil & gas review, 2016 report the international advisory company states that in the face of global oil prices declining, the African continent still offers significant opportunities in the … Read More
Transparency, Critical to Overcoming Oil and Gas Sector Challenges.
Nigeria heavily relies on revenue derived from the oil and gas sector. Currently, oil and gas provide the highest external income to the 36 states government that make up the federation but it contributes less than 40 per cent to the country’s Gross Domestic Product (GDP). As vital as this sector is to the economy, it is constantly bedeviled … Read More
Local Content Act To Prevent $80 Billion In Capital Flight
Hon. Emmanuel Okon, chairman of the senate committee on Local Content said during the inspection of a shipyard and fabrication complex operated by West African Ventures (WAV) at Onne in Rivers State that poor patronage of WAV shipyard, fabrication complex and marine facilities belonging to indigenous companies have worsened capital flight in the oil and gas industry. The committee has … Read More