Far-reaching and long-awaited plans aimed at reforming Nigerias oil industry are gathering pace, though they have met with resistance from some stakeholders.
Nigerias flagship hydrocarbons industry which produces an average of 1.95m barrels per day as of January, accounting for two-thirds of government revenue and 90% of export earnings has been targeted for reform for several years, with draft legislation in the works since 2007.
However, the drop in global energy prices has accelerated the pace of reforms earmarked for the Nigerian National Petroleum Corporation (NNPC).
Performance targets
Under the restructuring plan, the NNPC will be split into seven independent operational units: upstream, downstream, gas and power, refineries…
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