Nigeria Oil & Gas Report Q3 2014 - New Study Released
New Energy market report from Business Monitor International: "Nigeria Oil & Gas Report Q3 2014"
[USPRwire, Wed Jul 16 2014] Nigeria's hydrocarbon sector continues to struggle amid a worsening political and business environment. The weak output flows in 2012 and 2013 were the consequence of flooding, repeated oil thefts and regulatory uncertainty . T otal oil production for 2013 declined to about 2.4mn barrels per day , and we expect production to remain feeble over the coming year . Output should ramp-up more significantly as many large fields come online after 201 5 , more than offsetting current depletion. Adoption of the Petroleum Industry Bill (PIB) , which we do not expect before the Nigerian 2015 election, at the earliest would be a strong signal for investors that Nigeria's hydrocarbons sector is ready to move forward . Without the adoption of the PIB, offshore project s delays will occur, resulting in a stagnation of Nigerian production.
The main trends and developments we highlight for Nigeria's oil and gas sector are as follows:
* Disturbances and outages due to oil thieves and pipeline attacks have continued throughout 2013, impacting onshore and shallow water oil production throughout 2012 and 2013. Several international oil companies (IOCs) have divested some of their Nigerian assets throughout 2012 and 2013 as a result of this insecurity. Divestments of Nigerian assets are a sign that the country's onshore hydrocarbon sector is becoming increasingly unattractive.
* However, instead of representing an exit from the country, many IOCs actually seem to be re-balancing their asset portfolio towards offshore Nigeria, which accounts for a majority of Nigerian oil production and has seen continued interest by IOCs. While interest will endure, the largest risk faced by Nigeria will come in the form of delayed offshore projects and investments as a result of the uncertainty surrounding the adoption and content of the Petroleum Industry Bill (PIB). Without attractive fiscal terms for offshore projects or the adoption of the bill, large offshore projects...
The Nigeria Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Nigeria including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.
BMI's Nigeria Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Nigerian oil and gas industry.
Key Benefits
* Benchmark BMI's independent oil and gas industry forecasts for Nigeria to test consensus views - a key input for successful budgeting and strategic business planning in the Nigerian oil and gas market.
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