ALP Business Review 2013 – Energy
by Dr. Layi Fatona,
Energy Partner Aird & Berlis, Toronto Canada.
Might we be looking at a situation soon when the majority of Nigeria’s daily Oil production is by Nigeria is indigenous Oil and Gas companies?
Perhaps there’s considerable time before that happens, however with the systematic auctioning of marginal fields, divestment by the IOCs and favourable local content legislation, it is a time of unprecedented opportunities for indigenous Oil companies and we are likely to look back at this period as a major milestone in the development of the Nigerian Petroleum industry, It is a major sign of the times that Nigerian companies are beginning to eye both the Upstream and the Downstream sectors of the industry. There remain challenges of course which must be carefully approached if the industry is to be the success the nation has long hoped for.
Simultaneously the Power Sector also is showing a similar shift in paradigm. Through the privatisation Process, gone at last is the ubiquitous and Infamous PHCN but replaced by who? And how will they fare, given that the assets they have taken over are the self-same assets that NEPA and PCHN failed miserably to manage effectively. This is without a doubt one of the biggest tests of maturity of the private sector (and the privatisation policy itself).
The articles contained in this excellent journal will begin to touch on many of these challenges and issues seen through the eyes of various professionals and stakeholders whose contributions have been garnered by ALP into this document. It will be useful for professionals and potential investors, fund managers within and beyond the Nigerian Energy industry.
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