Asset sales to dominate Nigeria’s oil sector, says analyst - Punch Newspapers

Nigeria is likely to contend with a gale of divestments by international oil companies to reduce operating, security challenges and the huge costs of battling with the COVID-19 pandemic, industry officials and analysts told S&P Global Platts.

The landmark PIA was signed into law on August 16 and was expected to turn the Nigerian National Petroleum Corporation to a private company within six months in order to make it easier for the struggling company to raise funds for oil exploration and production. But the impact of this bill has so far been barely felt.

“Those who were rightly placed to pioneer the implementation are not the people in government now. So, I expect to see more divestment by oil majors from selected assets because things are not working as they should be.” Nigeria is under pressure to implement the PIA as soon as possible, according to Mike Sangster, managing director of TotalEnergies in Nigeria.

The Nigerian government is aiming to attract much-needed investment to bolster oil exploration and production and increase reserves and output to 40 billion barrels and 3 million bpd, respectively, by the mid-2020s, but these targets are starting to look unattainable. “Investment decisions are billed to be taken on these landmark projects around next year to arrest Nigeria’s sagging oil production volumes,” an official from the Nigerian Upstream Petroleum Regulatory Commission told S&P Global Platts. “But there are dark clouds hovering around sanctioning these projects now due to the emergence of the new COVID-19 variant.”

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