Nigeria doubles oil after years of crisis OilPrice.com

After months of stagnant international criticism of the Cove restrictions, OPEC reductions, and mismanagement of funds, Nigeria seems to be hoping for the future of the oil industry, which has been in decline for some time.

Government of Nigeria He announced this week By 2022, the country expects to produce 1.88 million barrels of crude oil a day, taking into account $ 578 a barrel. According to the MFF for 2022-2024, the government also forecast GDP growth of 4.2 percent and 13 percent inflation by 2022. Inflation in Nigeria fell to 17.01 percent in August. That has been battling double-digit inflation since 2016.

This is a very promising plan, as Africa’s largest economy, Nigeria, is still suffering from the VV-19 epidemic. A.D. By 2020, the Nigerian economy has reached 1.92 percent, By 2.92 percent in 2019. However, the contract was 4% lower than the World Bank estimate or 3.2 percent IMF estimate.

The promising budget was approved by President Muhammadu Buhari in August after he signed the Petroleum Industry Bill. This will come later Two long decades of delay in approving PIB, At a time when much of the world is moving away from fossil fuels to green policies with a focus on renewable energy. Plans to halt sales of diesel and petrol vehicles across Europe and North America by 2050, as well as net zero-carbon emissions targets, seem to be somewhat outdated by the new Petroleum Industry Law (PIA). But they believe in Bill’s advocates The African continent continues to be dependent on oil production Good fuel for the next ten years. Related: U.S. oil rig count jumped 3-year high as crude prices

Investors yeneyijēriyeni Oil & Gas Nigeria yepi’āyi’āyi’ēni view that a refusal to work on the implementation of bemezegiyetwa for 50 billion dollars of investment to lose in August, President of the steering committee and bepi’āyi’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā’ā qo ā’imiše completion Linn

Nigeria has been criticized for failing to create a better environment for the oil and gas industry, which will increase the demand for investors in the region. This is especially important when this happens Other African states have begun to develop their oil industries, And more competition is coming from new emerging markets such as Guyana and Suriname.

Critics also went to $ 14 billion to develop the Niger DeltaAt the heart of Nigeria’s oil industry, which fell ill between 2001 and 2019, the money was expected to support projects to “provide sustainable solutions to the social and economic problems of the Niger Delta region and facilitate rapid and sustainable development. “Niger Delta is an economically prosperous, socially stable, ecologically and politically peaceful region.”

The country’s failure to establish adequate control over foreign oil and gas investors for a long time, and the government’s failure to use funds to develop the oil-rich Delta Niger region, have now put the country at the bottom of the list for many investors. Without such a difficult time in the sector, it will be attracted to the up and coming oil fields.

Not to be forgotten, Nigeria is still out of the bush, still struggling with reduced OPEC + oil quotas and lack of investment. Angola, Nigeria and Kazakhstan have failed to increase their oil production This is in line with the OPEC + reduction this August due to the lack of development in the energy industries of the developed countries in August.

In addition, concerns around the VV-19 restrictions continue to hurt the Nigerian oil industry The Delta region still has another lock If charges continue. Challenges of 2020 may re-emerge if Rivers State enters a lockout, when oil companies face difficulties in transporting workers to the oil fields and to oil, as well as restrictions on plumbing and utility repairs, as they did last year.

But the Nigerian government and the rest of the Nigerian oil industry hope to boost the country’s appeal following the PIA’s continued demand for Africa and rising oil and gas demand in Asia. 37 billion barrels of proven oil reserves, 10 degreesTh Nigeria has always had the potential to become an oil princess in the world, but so far it has not had the control framework to make that dream a reality.

So, the question is, will the “landmark” PIA once again destroy land for the Nigerian oil industry? The Nigerian government hopes the new law will attract more foreign investment in the oil-rich country, but it is too early to say whether gas stations will be able to gamble on African territory by the end of the game.

Other companies looking to maximize prices this year:

Transcrania (NYSE: RIG) After losing several quarters of its revenue in a row, the offshore oil giant is looking for opportunities on the left and right as it makes big bets on offshore oil and gas production. The growing market for beaches cannot come at a better time for Transnational, one of the most speculative sectors in the industry.

The company is currently seeking to expand its presence in the Gulf of Mexico. Earlier this month, the Deepater Atlas won a $ 252 million contract for the new deep-sea drilling rig. Transcontinental Client, BOE Exploration & Production LLC wants to start work on the Shinindoha project in the third quarter of 2022.

Sankor PowerNYSE: Sue; TSE: Su): Suncor has been in the news this week as it has decided to shut down some of its oil production due to mechanical disturbances. According to the latest data from January to May, most of Sinkorde owns 275,000 BPD crude oil on its parent in Alberta. Despite its demise, Suncor remains one of Canada’s most iconic oil productions, with some viewing it as the best oil deal.

Suncor’s relatively low extraction costs, combined with one barrel, ESG strict standards and long-term storage, make the company attractive to long-term oil investors.

And Suncor is not just focusing on the main sync project. Two weeks ago, the company announced plans to extend the life of Terra Nova FPSO. With Murphy Oil and Cenovus, and with local government support, Suncor wants to extend Terra Nova FPSO production by about 10 years.

Royal Dutch ll l (NYSE: RDS.ALL was targeted by activist investors and environmentalists in 2021, and a Dutch court decision to reduce Dutch carbon emissions accelerated the company’s plans to decompose.

This week, Royal Dutch announced that it will sell its Permia work to Concoco Phillips for a total of $ 9.5 billion. Instead of re-allocating the total to new energy projects, it decided to distribute $ 7 billion to shareholders. Anglo-Dutch company By 2050, it is stepping up renewable investment around Pella to become carbon-neutral. Recent investments. The most recent downloads on renewables include solar panels (PV) installations in Brazil and a major biofuel refinery in Rotterdam, the Netherlands.

At Felicity Bradstock for Oilprice.com

More Top Readings from Oilprice.com

.

Leave a Comment