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LequteMan
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The Shell Group has identified a number of challenges undermining the success of President Goodluck Jonathan's reforms in the oil sector, Vanguard reports.
The Vice President, Nigeria and Gabon, Shell Upstream International, Mr. Markus Droll, identified the problems as security, crude theft and pipeline vandalism, funding, fiscal stability and predictability, lease predictability and a host of others.
He said: “We still need better security for workers in the oil and gas industry. As I speak, a considerable part of our operations are under strict security limitations. We still need a more effective counter-strategy against oil theft and sabotage. While we have directed even more resources to try to counter this menace, it has become a bigger problem compared to a year ago. The methods employed are even more brazen than ever.
“We still need better funding for capital projects and to clear pending payments on expenditure. We are very concerned about what impact the much lower oil price will have on 2015 funding. We still need more predictability around leases; if we increase certainty around leases, then investment becomes easier to attract.
“And we still need fiscal stability and predictability. This remains key in ensuring investors of all sizes can commit confidently, government revenues can be forecast reliably, and a capable service industry is maintained with a steady work load. As it stands, investors in Nigeria face very tough fiscal conditions," he added.
#Nigeria #Shell #Jonathan #Crudeoil
The Vice President, Nigeria and Gabon, Shell Upstream International, Mr. Markus Droll, identified the problems as security, crude theft and pipeline vandalism, funding, fiscal stability and predictability, lease predictability and a host of others.
He said: “We still need better security for workers in the oil and gas industry. As I speak, a considerable part of our operations are under strict security limitations. We still need a more effective counter-strategy against oil theft and sabotage. While we have directed even more resources to try to counter this menace, it has become a bigger problem compared to a year ago. The methods employed are even more brazen than ever.
“We still need better funding for capital projects and to clear pending payments on expenditure. We are very concerned about what impact the much lower oil price will have on 2015 funding. We still need more predictability around leases; if we increase certainty around leases, then investment becomes easier to attract.
“And we still need fiscal stability and predictability. This remains key in ensuring investors of all sizes can commit confidently, government revenues can be forecast reliably, and a capable service industry is maintained with a steady work load. As it stands, investors in Nigeria face very tough fiscal conditions," he added.
#Nigeria #Shell #Jonathan #Crudeoil
