{"id":133389,"date":"2023-12-20T15:11:20","date_gmt":"2023-12-20T15:11:20","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/20\/nigeria-woos-oil-firms-with-lower-costs-in-bid-to-boost-output\/"},"modified":"2023-12-20T15:11:20","modified_gmt":"2023-12-20T15:11:20","slug":"nigeria-woos-oil-firms-with-lower-costs-in-bid-to-boost-output","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/20\/nigeria-woos-oil-firms-with-lower-costs-in-bid-to-boost-output\/","title":{"rendered":"Nigeria woos oil firms with lower costs in bid to boost output \u2013"},"content":{"rendered":"

<\/p>\n

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Nigeria is introducing incentives to attract oil and gas investment as Africa\u2019s biggest economy works to ramp up crude output.<\/strong><\/p>\n

The measures include substituting signature bonuses \u2014 the payments made by companies to governments upon signing contracts \u2014 with lump sums for production, Nigerian Upstream Petroleum Regulatory Commission Chief Executive Officer Gbenga Komolafe said in an interview. The country is also tackling delays in licensing.<\/p>\n

Nigeria\u2019s beleaguered oil industry has been a drag on the economy, with the country unable to meet OPEC+ quotas amid supply disruptions, crude theft and vandalism. Since taking office in May, President Bola Tinubu has initiated sweeping reforms to revive economic growth, and a recovery of the energy sector is vital to achieve the double-digit expansion he\u2019s targeting.<\/p>\n

Reducing costs for contractors and addressing the issues that hold up production agreements represent a \u201cparadigm shift,\u201d Komolafe said. In the next bidding round, happening \u201cvery soon,\u201d potential investors will \u201csee that Nigeria is ready to do business differently.\u201d<\/p>\n

Tinubu has pledged to increase oil output \u2014 currently around 1.4 million barrels a day \u2014 to 4 million a day by 2030 \u2013 an aspiration many analysts believe to be implausible. Boosting production is not only a question of cutting red tape. Nigeria has seen an exodus of oil majors in recent years, with firms selling onshore and shallow-water assets after projects were plagued by pipeline sabotage.<\/p>\n

The government is working to upgrade infrastructure, end theft and vandalism and improve community relations, according to Komolafe, who said capital inflows into the industry had dropped by about 74% in almost a decade.<\/p>\n

Source:\u00a0<\/strong>bloomberg.com<\/p>\n

<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Nigeria is introducing incentives to attract oil and gas investment as Africa\u2019s biggest economy works to ramp up crude output. The measures include substituting signature bonuses \u2014 the payments made by companies to governments upon signing contracts \u2014 with lump sums for production, Nigerian Upstream Petroleum Regulatory Commission Chief Executive Officer Gbenga Komolafe said in […]<\/p>\n","protected":false},"author":1,"featured_media":133390,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-133389","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nNigeria woos oil firms with lower costs in bid to boost output \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/20\/nigeria-woos-oil-firms-with-lower-costs-in-bid-to-boost-output\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria woos oil firms with lower costs in bid to boost output \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Nigeria is introducing incentives to attract oil and gas investment as Africa\u2019s biggest economy works to ramp up crude output. 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