Nigeria’s oil industry risks disruption

117786

Nigeria’s oil industry risks disruption

Nigeria risks disruption in oil and gas supplies as well as power generation due to declining exploration activity and depleting oil reserves, the Nigerian Association of Petroleum Explorationists (NAPE) has warned.

Inefficient contract and procurement awarding process, oil theft, and illegal refining are the key obstacles to Nigeria’s oil and gas industry, Ajibola Oyebamiji, president of NAPE, said at a press conference.

“Insecurity, oil theft, and illegal refining are bigger threats to the oil and gas industry in Nigeria than the declining price oil,” the head of the oil exploration association noted.

Earlier this month, the Nigerian National Petroleum Corporation (NNPC) raised the alarm that oil pipeline vandalism in Nigeria was soaring. This was with the number of incidents of breached pipelines surging by 115% in July.

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong
Message: