Wednesday, February 19, 2020

Big oil companies don't like Nigeria oil royalty increase, low prices

ABUJA, Feb 13 (Reuters) - Cost increases and uncertainty in Nigeria’s crucial energy sector could lead to a 35% decline in oil output over 10 years as companies delay investments in key oilfields, consultancy Wood Mackenzie said in new research due to be published on Friday.

...Without the three fields, Koch said Nigerian production would drop 35% within a decade.

..Wood Mackenzie cited changes to tax and royalty laws and uncertainty over oil reform as the main reasons for delays, although it also estimated that the three projects are “not economically viable” under current terms, and with oil under $60 per barrel.

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