Today, the Crystal Ball™ brings to you, the outlook for the Nigerian oil and gas industry in the next four years.
While the current reform in the Nigerian Oil & Gas Sector (PIGB et Al) appears to have stalled, this new tenure promises to bring renewed progress in the efforts to restructure the industry. In addition, President Muhammed Buhari’s administration has expressed its desires to withhold renewal of over 40 Oil Mining Leases that will be due this year.
This will bring about competition and tenders by new players for these OMLs. It is expected that a larger percentage of these leases will go to indigenous establishments that in previous periods.
What this means: There shall be significant changes to the laws and operations of oil and gas exploration and production. It is important to engage legal consultants and energy experts to help navigate the upcoming novelties and complexities in the field. There shall be more playroom for indigenous sector participants.
© SBI Media. This article was published by SBI media in their Nextgen newsletter of March 11, 2019