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LequteMan
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Nigeria- Oil companies, including the International Oil companies, IOCs, have begun moves to review their operations for 2015. Many have reportedly suspended their activities because of the low crude oil prices.
National Mirror Reports:
“The projections of the IOCs that have joint venture arrangements with the Federal Government through the Nigerian National Petroleum Corporation, NNPC have to be altered as crude oil prices were about $100 per barrel when the estimates were made in early 2014,” a source said.
He said the review would involve the identification of important projects and cost to be implemented as the parties would not likely be in a position to finance all their projects anymore.
A Port Harcourt based consultant, Mr. Bala Zaka who works for the IOCs said in a telephone interview that many oil companies have suspended their activities, especially well drilling and completion because of the low crude oil prices.
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#Nigeria #NNPC
National Mirror Reports:
“The projections of the IOCs that have joint venture arrangements with the Federal Government through the Nigerian National Petroleum Corporation, NNPC have to be altered as crude oil prices were about $100 per barrel when the estimates were made in early 2014,” a source said.
He said the review would involve the identification of important projects and cost to be implemented as the parties would not likely be in a position to finance all their projects anymore.
A Port Harcourt based consultant, Mr. Bala Zaka who works for the IOCs said in a telephone interview that many oil companies have suspended their activities, especially well drilling and completion because of the low crude oil prices.
click here to read more
#Nigeria #NNPC
