All posts tagged featured


TOTAL Hopes to Deliver Crude for Less than $20 Per Barrel in Angola’s New Development

TOTALEnergies says that its “standardization of subsea equipment” will ensure much lower cost of production in its ongoing Begónia development in Block 17/06, offshore Angola.

The company took Final Investment Decision on the project in July 2022.

“In this emblematic block”, says Olivier Jouny, TOTALEnergies’ CEO in the country, the company “shows its leadership in deep waters, at low cost (less than 20 dollars per barrel)”.

The Begónia reservoir, located in water depths ranging from 700metres to 1,000metres, will be developed through five subsea wells (three for production and two for water injection), connected to the floating production, storage and offloading unit FPSO Pazflor, in production since 2011 in Block 17.

The first oil, scheduled for the first half of 2025, will increase production from FPSO Pazflor by around 30,000 barrels of oil per day.

Investment in Begónia is $850Million, with TOTALEnergies as operator of Block 17/06 with a 30% stake, together with Sonangol P&P (20%), SSI (27.5%), Somoil (10%), ACREP (5%) Falcon Oil (5%) and PTTEP (2.5%).

 


World Bank Director Speaks on High Oil Price Implications for Nigeria

Shubham Chaudhuri, recently transferred from Afghanistan to Nigeria as World Bank Country Director, has been turning ideas on his mind explaining how high crude oil prices have impacted Nigeria in the last 50 years. And how they could impact Africa’s largest economy in the next decade.

He will be making public some of his conclusions as the speaker at the Quarterly Dinner of the Petroleum Club, Lagos on Monday, December 5, 2022.

Chaudhuri’s subject is Nigeria in a World of Higher Oil Prices; The Difference this Time and Longer-Term Implications.

The 16-year-old Petroleum Club, a private Club where leaders in the Nigerian Oil and Gas Industry and the technical elite of the oil patch, interact, unwind and share ideas on issues concerning the sector, thought this subject up, in part, to compare the challenges that the country faces in this current era of windfall prices, with what it faced in previous eras, including the “Oil Boom” period of the early to mid 70s, and the Gulf War windfall of the 1990s.

The Petroleum Club, at dinner

Chaudhuri, who spent a decade as an economics professor and Director of the Programme in Economic and Political Development at Columbia University in New York, before joining the World Bank in 2004, has been outspokenly critical of Nigeria’s spending of its oil revenues on subsidizing gasoline importation.

“Supposing the federation’s gross revenues next year (if oil production picks up) could be somewhere in the ₦12Trillion range”, he told ThisDay, an influential local daily, in an interview. “This N250Billion per month means ₦3Trillion over the next 12 months, which means the federation will essentially be spending 25 per cent of the entire federation’s revenue on premium motor spirit (PMS) subsidy”, he lamented. “That is the federation’s choice obviously, but is it an informed choice and does the public know who exactly is benefiting from this N3Trillion or who will benefit from this ₦3Trillion?”

The issues, on Monday evening at the Metropolitan Club in Lagos, are however broader. And they include mid- and long-term budgetary projections on the economy based on crude oil and gas revenues.

Chaudhuri’s areas of expertise are Macroeconomic and Structural Policies. He was the South Asia and Indonesia Practice Manager for the World Bank’s Macroeconomics and Fiscal Management Global Practice, where he oversaw macro-fiscal and economic policy-related work. He was the manager of the Washington, DC-based team of the Poverty Reduction and Economic Management Department for East Asia and the Pacific.

As Lead Economist for Indonesia, Chaudhuri was responsible for leading the overall economic policy dialogue, advisory and development policy lending work in Indonesia. He managed the Jakarta-based economics team, which works closely with partners in government and in the development community to further Indonesia’s development agenda. Prior to relocating to Jakarta in early 2008, Chaudhuri worked primarily on China and on East Asia regional policy issues.

 

 


Mikuyu: Invictus Can ‘Feel’ the Oil, but Can’t Evaluate It

Invictus Energy’s Mukuyu-1 wildcat, onshore Zimbabwe, has drilled through sequences the company considers highly prospective.

But the operator can’t run wireline tools to determine the extent of hydrocarbon accumulations because of the deterioration in the hole at the much desired, deeper section.

The option now is to sidetrack the hole: plug back the existing 8½” wellbore section to seal off hydrocarbon zones and leave the well in a safe state prior to and commencing the re-drill of the upper 8½” hole section to approximately 3,500metres Measured Depth (MD).

The London listed explorer says that its first well in Zimbabwe’s Cabora Bassa Basin was successfully deepened to 3,923 metres MD, “encountering additional elevated gas shows and fluorescence through to total depth”

Mudlog (pre-wireline logging) results of the Upper Angwa formation, suggest it is thicker than pre-drill estimates with a potential for thickness of over a 900metre gross interval, h which, the company says, “bodes well for future prospectivity in the Cabora Bassa Basin”.

But after “reaching TD, the borehole was prepared to run wireline logs, however, due to a deterioration in borehole conditions, the tools were unable to pass below a depth of approximately 3,030mMD where the primary fluid sampling targets are located. As there is likelihood of losing tools and not meeting the objectives of the well, the decision has been made to sidetrack^ the Mukuyu-1 well in order to complete our evaluation and obtain a fluid sample”.

Forward plan Exalo Rig 202 is preparing to plug back the existing 8½” wellbore section to seal off hydrocarbon zones and leave the well in a safe state prior to and commencing the re-drill of the upper 8½” hole section to approximately 3,500mMD. This will provide sufficient information to calibrate the deeper sections of the original Mukuyu-1 wellbore. The sidetrack well (Mukuyu-1 ST-1) will be drilled to a slight updip location to the north of Mukuyu-1, with a lower mud weight and solids content mud system (approximately 1,500psi reduction in overbalance), which will improve the logging conditions and chances of successfully obtaining a fluid sample. Following conclusion of sidetrack drilling, the well will be logged, including wireline formation testing, with final results to be provided. The Mukuyu-1 ST-1 well will then be suspended for potential future testing.


COP27: How has Africa fared in this Global Poker Game?

By Gerard Kreeft

Two weeks of debate and discussion at the COP27 UN Sharm el-Sheikh conference have now passed. The dust is beginning to settle and its time to assess What’s in it for Africa. There are some very glaring and disturbing facts that deserve more than passing attention.

Firstly, the African initiative entitled AJAETI (Africa Just and Affordable Energy Transition Initiative), a name adopted with little thought to what its purpose and strategy should be. The Sharm el-Sheikh communique plainly states that $100Billion pledged in 2020 to assist under-developed  economies has not been fulfilled. Now AJAETI is committing itself to new donor pledges:

Governments took the ground-breaking decision to establish new funding arrangements, as well as a dedicated fund, to assist developing countries in responding to loss and damage. Governments also agreed to establish a ‘transitional committee’ to make recommendations on how to operationalize both the new funding arrangements and the fund at COP28.”

If commitments for 2020 have not been addressed, is it any wonder that the establishment of AJAETI has gained little or no legitimacy and will remain a paper tiger?

Then there is the matter of Agenda 2063: “Africa We Want“, proposed by the African Union which has seven lofty goals:

  1. A prosperous Africa based on inclusive growth and sustainable development.
  2. An integrated continent, politically united based on the ideals of Pan Africanism and the vision of Africa’s Renaissance.
  3. An Africa of good governance, democracy, respect for human rights, justice and the rule of law.
  4. A peaceful and secure Africa.
  5. An Africa with a strong cultural identity, common heritage, values and ethics.
  6. An Africa, whose development is people-driven, relying on the potential of African people, especially its women and youth, and caring for children.
  7. Africa as a strong, united, resilient and influential global player and partner.

Who could fault such lofty aims? Yet such promises fall on deaf man’s ears when viewed with what is actually happening on the ground. The Energy Progress Report 2022 shows that 568Million people in Sub-Saharan Africa has little access to electricity and 900Million Africans have no access to clean cooking fuels and technologies.

Coupled with unkept promises of funding from 2020 and hollow pledges for new additional funding beyond 2022 is it not time to conclude that COP28 has no basis for success and has lost its legitimacy before actually happening?

What to do?

COP27 was attended by a garden variety of people—200 countries, politicians of all stripes, lobbyists representing business interests of the most diverse sort, and NGOs proclaiming doom and gloom—all eager to save our little planet.  Under the best of circumstances, it would be impossible to cobble together an agenda for such a diverse group of people. A recipe for disaster.

The results of COP27 have been predictable:  At one end of the spectrum, a proposal to start AJAETI(Africa Just and Affordable Energy Transition Initiative) which already has a dubious beginning and at the other end of the spectrum the Africa Union’s pledge of Agenda 2063, promising Africans heaven on earth.

What to do?

Firstly, a decoupling from COP28. An African Energy Renaissance has little to do with the Agenda of COP27 with its key emphasis on CO2 reduction. Not one African country, in terms of CO2 emissions, is even mentioned as a key emitter (see chart below).

Source: Carbon Brief analysis of figures from the Global Carbon Project, CDIAC, Our World in Data, Carbon Monitor, Houghton and Nassikas (2017) and Hansis et al (2015).”

Secondly, the need to ensuring a more focused agenda. Having an agenda and summit for CO2 rich-countries and a sequel second summit for developing economies to discuss strategy and implementation of their energy transition plans. It is only by decoupling these two groups that it will be possible to have a semblance of any meaningful discussions which avoids a Tower of Babel confusion.

There is also a high need to dispel a number of illusions that continue to exist. For starters that the oil majors have contributed a net worth to Africa’s economies.  According to Toyin Akinosho, publisher of Africa Oil+ Gas Report, African revenues from the oil and gas majors are financing the energy transition in the rest of the world: “. . . the oil majors are funding clean energy from the balance sheet of dirty oil.”[1]

Around 30% of TOTALEnergies’ production is in Africa, but less than 0.5% of its new energy investment will directly benefit the continent. Yet, according to Akinosho, TOTALEnergies is the best African renewable energy investor out of the six majors. These include:

  • ENI: Launched with fanfare the installation of a 14 KW solar system in a medical facility in Angola. In Egypt, where ENI is a major player, the company has not featured in the country’s relatively aggressive renewable energy plan.
  • BP: The company has pumped over a billion barrels of oil out of Angola in the last twenty years but has excluded Africa from all of its renewable energy plans.
  • Equinor: It pumps 120,000 BOEPD(Barrels of oil equivalent) in Angola but has no plans for renewables.
  • Chevron: Its focus is not so much on investing in stand-alone renewable projects but increasing renewable power in support of its business to lower its carbon intensity.
  • Shell: The company will likely take $7.5Billion out of Nigeria from 2021–2025. Shell has funded some off-grid projects through solar developers in Nigeria, which basically represents Shell’s footprint in Africa.

Nor should we imagine that national oil companies have a better track record. Africa’s two major national oil companies in Sub-Sahara Africa—Nigerian National Petroleum Corporation (NNPC) and Sonangol (Angola)—have demonstrated little hope of becoming national energy champions.

Take the Nigerian Petroleum Development Company (NPDC), the operating subsidiary of the NNPC, which “is a massive incompetent wrecking ball, which has been gifted joint-venture participation in 10 mining leases (OMLs) all of them producing.”

The NPDC is seen as a bright star within the NNPC’s portfolio. Why? Because the degree of its performance is in direct proportion with the help it gets from its partnership with other oil majors.

Sonangol, the Angolan state oil company, has had a rocky ride since 2017. In the past Sonangol had two roles: that of concessionaire, a highly judicious key role that gave it power and legitimacy, and being a state oil company with its responsibilities for exploration and development of the resources. Sonangol was then stripped of its concessionaire role, which was given to the newly created National Agency of Petroleum, Gas, and Biofuels.

In Angola today, power has become diffused. Sonangol has been stripped of its concessionaire role and is loaded with a mountain of debt, and the IOCs have the freedom to explore and market their natural gas. Developing green energy is certainly beyond the competence of Sonangol.

Instead of prescribing new energy directions for Africa I recommend no prescription. Africa must choose its own energy transition path.

Perhaps the last word can be given to Tony Attah, former CEO of Nigerian Liquified Natural Gas (NLNG). At the February 2022 SAIPEC conference (Sub-Saharan International Petroleum Exhibition and Conference)he stated:

“We need to promote Africa to become an energy market of its own by deploying the resources in Africa especially gas for the use of Africa essentially, creating dedicated gas hubs, storage and markets to take advantage of the opportunity to use oil and gas locally to develop and support domestic economic activities like gas to power, feedstock for petrochemicals, feedstock for fertilizer, gas to transport and as a catalyst for industrialization with LPG as a substitute for biomass.

While fossil fuels will continue to be relevant in the global energy mix, renewables will achieve greater growth with gas as the transition fuel for a very long time. That said I personally believe that energy transition is a given and the global energy mix will change whether Africa is ready or not.”

Gerard Kreeft, BA (Calvin University, Grand Rapids, USA) and MA (Carleton University, Ottawa, Canada), Energy Transition Adviser, was founder and owner of EnergyWise.  He has managed and implemented energy conferences, seminars and university master classes in Alaska, Angola, Brazil, Canada, India, Libya, Kazakhstan, Russia and throughout Europe.  Kreeft has Dutch and Canadian citizenship and resides in the Netherlands.  He writes on a regular basis for Africa Oil + Gas Report, and guest contributor to IEEFA(Institute for Energy Economics and Financial Analysis). His book ‘The 10 Commandments of the Energy Transition ‘is on sale at https://books.friesenpress.com/store/title/119734000211674846/Gerard-Kreeft-The-10-Commandments-of-the-Energy-Transition

 

 


PNC Forum: The Energy and Consistency of Industry Players-OPINION

By Esueme Dan Kikile

In 10 unbroken years of active participation in the Practical Nigerian Content (PNC) Forum, organised by the Nigerian Content Development and Monitoring Board (NCDMB), the leading lights of Nigeria’s oil and gas industry have signified that local content has something of a creedal force in their ranks. In-country value addition through enhanced local capacities and capabilities remains the unchanging focus – what they must pursue and actualise to enhance the country’s economic performance and development.

The apostolic zeal of the industry stakeholders, as they assemble in their hundreds from year to year to appraise the state of the industry and to determine what way(s) to maximise opportunities along lines spelt out in the Nigerian Oil and Gas Industry Content Development Act, 2010, is most remarkable. In the spirit of collaboration and stakeholder engagement, issues of topical importance are ever adopted as themes for presentation and deliberations in different editions of the Forum.

Innovations at NCDMB and results

NCDMB and stakeholders have been thus guided in subsequent actions by way of interventions, policies and compliance. The Board gets more and more innovative as challenges emerge through workshops and exhibitions. Concepts and undertakings such as Nigerian Oil and Gas Technology (NOGTECH) Hackathon, Nigerian Oil and Gas Opportunity Fair (NOGOF), Nigerian Oil and Gas Industry Content Joint Qualification System (NOGIC JQS), and research and development funding, were in response to felt need and have bolstered the sector.

“Key Highlights of this year’s PNC Forum from December 5-8, 2022

  • Harnessing Nigerian content opportunities for indigenous companies in Nigeria’s “Decade of Gas”
  • What opportunities have been revealed by the Seven Ministerial Regulations for increasing Nigerian content compliance?
  • Outlining Nigeria’s future energy mix and Nigerian content objectives over the next 30 years
  • What are the enablers required to bridge the capacity gap for improved local content implementation with a growing focus on gas?
  • How can indigenous companies attract required funding?
  • What efforts are in place to explore Nigerian content opportunities in AfCTA?”

Together, the industry regulator and the oil and gas companies – upstream, midstream and downstream – have moved mountains, radically altering the status and image of Nigeria as rent-seeker and placing her in a respectable position as resource-endowed and with appropriate technological capabilities to efficiently exploit and utilise hydrocarbons.

What difference NCDMB has made

In twelve (12) years of implementation of the NOGICD Act, 2010, Nigeria, through the Board’s well targeted strategic interventions, has developed the widest range of competencies and facilities for engineering, procurement, fabrication, and a lot else, and thus upped in-country value retention from less than five (5) per cent in 2010 to forty six (46) per cent in the first quarter of 2022. And seventy (70) per cent is in focus as we march towards the 2027 terminal date of the Board’s Nigerian Content 10-Year Strategic Road Map.

Today the world-class fabrication yards and pipe mills have turned Nigeria into a hub for related businesses in the Gulf of Guinea, just as the country’s service companies now operate as international servicing companies in different African countries. That’s the success story of the NCDMB made possible by far-sighted and resourceful leadership that carries all stakeholders along, unhesitatingly intervening in material terms to bolster operational capabilities of companies. This year’s edition of the PNC Forum, scheduled for December 5-8, 2022, is another platform with great possibilities for participants and the wider society.

What to expect from PNC 2022

Face to face with potential clients and investors, participants in PNC Forum 2022 in Uyo, Akwa Ibom State, will deliberate on the theme, “Deepening Nigerian Content Opportunities in the Decade of Gas.” Key topics, as highlighted at the PNC dedicated website are:

  • Harnessing Nigerian content opportunities for indigenous companies in Nigeria’s “Decade of Gas”
  • What opportunities have been revealed by the Seven Ministerial Regulations for increasing Nigerian content compliance
  • Outlining Nigeria’s future energy mix and Nigerian content objectives over the next 30 years
  • What are the enablers required to bridge the capacity gap for improved local content implementation with a growing focus on gas?
  • How can indigenous companies attract required funding?
  • What efforts are in place to explore Nigerian content opportunities in AfCTA?

Conclusion

In the broadest terms the PNC Forum is billed “to help shape the Nigerian Content Agenda for the next twelve months.” Industry regulator and all stakeholders would hopefully be on the same page all the way, directing energies and resources in a manner that would best promote corporate success as well as national development. But economic spin-offs never fail, particularly for a host city and state, in this case, Uyo and Akwa Ibom, whose hospitality industry is already bubbling in anticipation of several hundreds of guests in early December.

PNC Forum 2022 is the place to be for fresh ideas and strategies in the nation’s quest for economic development through effective and efficient management of her abundant hydrocarbon resources, especially gas as the transition fuel for Nigeria.

Esueme Dan Kikile ESQ, is the Manager, Corporate Communications, NCDMB

 

 

 


Nafi Chinery Appointed Interim Africa Director, Natural Resource Governance Institute

The Natural Resource Governance Institute (NRGI) has appointed the Ghanaian development specialist, Nafi Chinery, as interim Africa director. In this role, she will oversee the activities of NRGI’s Africa team and provide strategic leadership for NRGI’s work in the region and globally.

Ms. Chinery will combine the work with her current role as West Africa regional manager(Anglophone) at the Institute, where she supervises the design, implementation and coordination of NRGI’s strategic engagements and programmes in Anglophone West Africa.

The phrase: “Interim” suggests that NRGI is still scouting for the permanent occupier of the office, a search that has been ongoing since 2016. The Africa director, in NRGI’s description, is one “who can build relationships with a diverse range of critical partners and harness the strengths of the organization to advance accountable and effective governance in Africa”. The institute says that the role is a unique opportunity “to cohesively improve natural resource governance across Africa.

“Reporting to NRGI’s Chief Operating Officer and as the senior-most representative in the region, the position will define strategic engagements and target agents of change”. Central to the role will be to oversee the successful execution of NRGI’s country strategies, ensuring that lessons learned from the organisation’s engagement and the changing political economy inform its work. “The person will also design and implement a regional strategy, that capitalizes on our engagements in priority countries and seizes new opportunities for reform as they emerge”.

Nafi Chinery has over 20 years of experience in development work. Prior to joining NRGI, she worked with Oxfam GB and the African Women’s Development Fund (AWDF), a pan-African grant-making foundation for women’s rights. She has a longstanding career in organizational development and transformative and strategic leadership. For 17 years, Nafi has worked to develop and strengthen credible well informed women’s rights organizations and leaders to accelerate the respect for women and rights of marginalized groups across Africa.

She holds a master’s degree in social development and sustainable livelihoods from the University of Reading, U.K., and a bachelor of arts and diploma in education from Cape Coast University, Cape Coast, Ghana. She was also a 2014 Aspen New Voices Fellow.

 


In Egypt, BP Digs in, Grabbing More Asset in the Mediterranean

The British major bp is not about to exit Africa, as the speculations suggest. It is leaving Libya, winding down in Angola, but increasing positions in Egypt.
The company has announced it has just been awarded two exploration blocks in the Mediterranean Sea, offshore Egypt by the Egyptian Natural Gas Holding Company.

“The Northwest Abu Qir Offshore Area – in which bp, the operator, holds 82.75% and Wintershall-Dea holds 17.25% – is located west of the recently awarded North King Mariout block (bp 100%) and north of the Raven field”, bp says in the announcement. “It covers an area of approximately 1038 square kilometres with water depths ranging between 600 metres and 1600 metres.

“The Bellatrix-Seti East block – in which bp and Eni, the operator, each hold a 50% share – is located west of the Atoll field and North Tabya blocks. It covers an area of approximately 3440 square kilometres with water depths ranging between 100 metres and 1200 metres”.

Prior to these awards, bp had earlier, in 2022, been awarded three acreages: King Mariout Offshore Area (100% bp), North El Fayrouz offshore area (50% bp and 50% ENI, the operator) and the North El Tabya area extension (100% bp).


Africa and the Energy Transition Dilemma

By Ejalen Idahosa Dominion

In every conference, workshop and seminar, where the conversation is around the current phase of energy transition, leaders from African countries are quick to put up arguments against the fast adoption of renewable energy on the continent for two main reasons:

  1. That Africa is the least contributor to the green house gases that are causing the so-called climate crisis.
  2. Africa still needs to develop her hydrocarbon resources for industrialization and development to end the multidimensional poverty and hunger on the continent.

As much as the first reason is true since it’s a result of the second reason, if Africa is as industrialized as the countries of Europe, North America and Asia, it wouldn’t have the moral ground to stand on the first reason.

My main concern is the number-two reason African leaders everywhere give to resist the adoption of renewable energy.

Hydrocarbon exploration has been going on for more than half a century on this continent, and yet one cannot point to how well we have industrialized Africa within the same period.

The first commercial oil discovery in Nigeria was made in 1956 in Oloibiri, in present-day Bayelsa state. The question begging for an answer is: how many hydrocarbon-based industrial parks have been created, particularly in the Niger Delta region and Nigeria in general?

The same situation is obtainable in Angola, Gabon, Equatorial Guinea, Congo Brazaville; all of which have produced significant volumes of hydrocarbons  in the last three decades.

But the story is totally different for Gulf countries, where their leaders have exploited and maximized their hydrocarbon resources to benefit their countries.

Qatar, Oman, UAE, etc. are some of the Gulf countries whose leaders have used their countries’ rich hydrocarbon resources to transform their societies.

So where is the justification for the delay in adopting renewable energy?

As much as Africa’s industrialization is not negotiable, African leaders must be held accountable for how they have wasted the opportunities to create and equitably distribute wealth with our hydrocarbon resources.

No one should be clapping for these political leaders when they repeat their lame excuses.

Idahosa is a Nigeria based Terminal Operator and Energy Analyst.

 


Financing Close Reached for Three More Wind Power Projects in South Africa

Red Rocket and its partners have reached financing close for the Brandvalley, Rietkloof and Wolf wind projects in South Africa.

The projects are now in the construction phase.

With a combined capacity of 280 MW, these wind farms are being built under public-private partnerships (PPPs).

The projects, developed by G7 Renewable Energies and taken over by Red Rocket, are being implemented under the 5th round of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

The three wind farms were approved for financing, construction and operation by Red Rocket by the South African Department of Mineral Resources and Energy on 28 October 2021. IPP has also secured the construction of the 84 MW Wolf Wind Farm in the Eastern Cape. With a combined capacity of 280 MW, the Brandvalley and Rietkloof wind farms will be built in the Western Cape.

According to Red Rocket’s projections, once operational, the Brandvalley, Rietkloof and Wolf wind farms will be capable of producing 1,500 GWh of clean electricity per year, helping to reduce the carbon dioxide (CO2) emissions associated with electricity generation in South Africa.

Red Rocket is pursuing the development of these three renewable energy projects in partnership with the African Infrastructure Investment Managers (AIIM) IDEAS fund, South African investment company H1 Holdings, Jade-Sky Energy and local community trusts. The electricity generated by the future wind farms will be sold to the South African state-owned utility Eskom. Red Rocket and its partners will have to invest 9.3 billion South African rand, more than 537 million dollars.


The Talented Tenth: Winners and Also-rans

The fifth edition of our Talented Tenth Annual, a yearly ranking of the Nigerian independents who now produce over a fifth of the country’s oil output, is served in the latest monthly issue of the Africa Oil+Gas Report.

It’s a deeply researched analysis of who has done what in the last two years. And who has the brightest prospects to prevail in the next five years.

We deliberately conflate the term ‘Nigeria’s indigenous independents’ with ‘Africa’s Homegrown Independents’, as none of the other leading African hydrocarbon producing countries hosts a profusion of local E&P enterprises like Nigeria does.

That said, it has been a fraught season, since October 2020, our last outing with this ranking.

Crude oil prices have surged, but African crude oil output have not altogether kept pace, to take advantage. Nigerian indies have been severely challenged by the inchoate environment of their country’s oil patch.

Projects have stalled, operations have been held up, debts have piled up, deals have been truncated. There is enough blame to go round.

Some of the independents themselves have been part of the problem, but state owned commercial, regulatory and policy making authorities have snatched defeat for the country, from the jaws of victory.

Read your copy here

The Africa Oil+Gas Report is the primer of the hydrocarbon industry on the continent. It is the go-to medium for decision makers, whether they be international corporations or local entrepreneurs, technical enterprises or financing institutions, for useful analyses of Africa’s oil and gas industry. Published since November 2001, AOGR is a monthly publication delivered to subscribers around the world. Its website remains www.africaoilgasreport.com and the contact email address is info@africaoilgasreport.com. Contact telephone numbers at the headquarters in Lagos are +2347062420127, +2348036525979 and +2348023902519.

 

 

 

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