Facebook with Latestnigeriannews  Twieet with latestnigeriannews  RSS Page Feed
Home  |  All Headlines  |  Punch  |  Thisday  |  Daily Sun  |  Vanguard   |  Guardian  |  The Nation  |  Daily Times  |  Daily Trust  |  Daily Independent
World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  More Channels...

Viewing Mode:

Archive:

  1.     Tool Tips    
  2.    Collapsible   
  3.    Collapsed     
Click to view all Entertainment headlines today

Click to view all Sports headlines today

Nigerias oil output could fall 35% without reforms

Published by The Nation on Fri, 14 Feb 2020


Lucas AjanakuCOST increases and uncertainty in Nigerias crucial energy sector could lead to a 35per cent decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in a new research due to be published on Friday.According to Reuters, the company warned that three deep offshore fields, which would generate more than $2 billion a year for the government at peak production, are likely to be delayed as companies put their money in regions with better and clearer terms.Nigeria is going to enter quite a steep decline in production. In order to keep its revenue upit needs to develop additional fields, Principal analyst of sub-Saharan Africa upstream with Wood Mackenzie, said Lennert Koch.Read Also:Oil theft: Navy hands over nine foreigners to EFCC for trialWithout the three fields, Koch said Nigerian production would drop 35per cent within a decade.Nigeria is Africas largest oil exporter, with output close to two million barrels per day (bpd), but it needs continual investment to maintain output as fields naturally decline. Oil accounts for 90per cent of Nigerias foreign currency earnings.Wood Mackenzie delayed its projected startups for the deepwater projects Bonga Southwest Aparo, operated by Shell, and Preowei, operated by Total, by two years to 2027 and 2025 respectively, and for ExxonMobils Owowo by four years to 2029.Total said Preowei is under study with a final investment decision (FID) scheduled for 2020 or a year later. Shells Nigerian unit said they are in discussions with government and venture partners on options to ensure the attractiveness of Nigerian deep offshore investments.
Click here to read full news..

All Channels Nigerian Dailies: Punch  |  Vanguard   |  The Nation  |  Thisday  |  Daily Sun  |  Guardian  |  Daily Times  |  Daily Trust  |  Daily Independent  |   The Herald  |  Tribune  |  Leadership  |  National Mirror  |  BusinessDay  |  New Telegraph  |  Peoples Daily  |  Blueprint  |  Nigerian Pilot  |  Sahara Reporters  |  Premium Times  |  The Cable  |  PM News  |  APO Africa Newsroom

Categories Today: World  |  Sports  |  Technology  |  Entertainment  |  Business  |  Politics  |  Columns  |  All Headlines Today

Entertainment (Local): Linda Ikeji  |  Bella Naija  |  Tori  |  Pulse  |  The NET  |  DailyPost  |  Information Nigeria  |  Gistlover  |  Lailas Blog  |  Miss Petite  |  Olufamous  |  Stella Dimoko Korkus Blog  |  Ynaija  |  All Entertainment News Today

Entertainment (World): TMZ  |  Daily Mail  |  Huffington Post

Sports: Goal  |  African Football  |  Bleacher Report  |  FTBpro  |  Kickoff  |  All Sports Headlines Today

Business & Finance: Nairametrics  |  Business Insider  |  Forbes  |  Entrepreneur  |  The Economist  |  BusinessTech  |  Financial Watch  |  BusinessDay  |  All Business News Headlines Today

Technology (Local): Techpoint  |  TechMoran  |  TechCity  |  Innovation Village  |  IT News Africa  |  Technology Times  |  Technext  |  Techcabal  |  All Technology News Headlines Today

Technology (World): Techcrunch  |  Techmeme  |  Slashdot  |  Wired  |  Hackers News  |  Engadget  |  Pocket Lint  |  The Verge

International Networks:   |  CNN  |  BBC  |  Al Jazeera  |  Yahoo

Forum:   |  Nairaland  |  Naij

Other Links: Home   |  Nigerian Jobs