2014-04-02 16:33:03 - Nigeria Oil and Gas Report Q1 2014 - a new market research report on companiesandmarkets.com
Nigeria´s hydrocarbon sector continues to struggle amid a worsening political and business environment. Most recently, Chevron´s decision to move out of the OKLNG project signals that even the large upside potential of the Nigerian gas market is not sufficient to offset the degradation in investor sentiment. The weak output flows in 2012 were the consequence of flooding, repeated oil thefts and regulatory uncertainty. We estimate that total oil production for 2013 declined to about 2.4mn, and expect production to remain feeble over the coming year. Output should ramp-up more significantly as many large fields come online after 2014, more than offsetting current depletion. Adoption of the Petroleum Industry Bill, which we do not however expect before the Nigerian 2015 election,
would be a strong signal for investors that Nigeria´s hydrocarbons sector is ready to move forward.
The main trends and developments we highlight for Nigeria´s oil & gas sector are as follows:
- China agreed on a US$1.1bn loan deal with Nigeria bearing a very advantageous interest rate. In exchange, the West African country will allow the lender to get a privileged access to natural resources including oil. We expect that further deals as such could be an occasion for Nigeria to revive its oil and gas sector by boosting export potential for producers.
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