2021 has been a landmark year for the Nigerian Oil and Gas Industry. With the conclusion of the marginal field bidding rounds and the passage of the Petroleum Industry Act (PIA), the Oil and Gas Industry is poised to attract the relevant the investment needed to reposition the industry. This is notwithstanding the challenges posed by the clean energy transition agenda. The Government is mindful of this fact and is focused on developing the midstream sector to harness the country’s gas resources for the domestic market. Consequently, Nigeria is committed to accelerating the exploration and development of her petroleum resources before the lack of demand makes oil production less attractive. Unfortunately, the new Omicron variant of Covid-19 is already affecting oil price because of the adverse impact on demand triggered by the new restrictions and lockdowns imposed by various countries.
This edition of our newsletter focuses on some of the significant developments in the industry since our last publication.
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