• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 15 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

Saudi, UAE State Oil Firms May Invest In Nigeria

Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) are considering investing in Nigeria’s oil and gas sector, including in the upstream, midstream, and downstream, Mele Kyari, the head of the Nigerian National Petroleum Corporation (NNPC), said on Tuesday.

Representatives of ADNOC and NNPC are scheduled to meet on Wednesday to discuss potential investments in Nigeria’s energy sector, S&P Global Platts quoted Kyari as saying at an energy conference in the United Arab Emirates (UAE).

According to NNPC’s managing director Kyari, both ADNOC and Aramco—the state oil giants of two of OPEC’s largest producers—are looking at opportunities to invest in Nigeria and are prepared to invest in low-risk ventures.

Nigeria’s state oil corporation prefers investments in the midstream sector—in pipelines and refining, NNPC’s chief noted, as carried by S&P Global Platts.

The Saudi state giant is considering using Nigeria as a platform to sell gasoline in West Africa, he added.

Aramco and ADNOC are not directly offering any products to Nigeria, which relies on fuel imports—mostly from Europe—to meet its growing fuel demand.

Nigeria aims to pump as much as 4 million bpd in six years’ time—a goal that analysts think may be too ambitious for the country to achieve.

At the conference in the UAE today, Kyari said that Nigeria hopes it could boost its oil production to around 3 million bpd over the next two to three years. According to the latest OPEC figures, Nigeria’s crude oil production averaged 1.866 million bpd in August, up by 86,000 bpd from July.

The West African country is also looking to OPEC’s largest producer Saudi Arabia to secure potential investments in its downstream sector. Earlier this year, the then oil and energy ministers of Nigeria and Saudi Arabia met and expressed “the strong readiness of the Kingdom of Saudi Arabia to sign a definite and high value Memorandum of Understanding (MoU) with Nigeria for oil sector development.”

A possible agreement will open the doors for Nigeria to “potentially benefit from Saudi Arabia’s and effectively, Saudi Aramco’s recent aggressive oil sector investments across the globe while serving as the nerve centre for its presence in Sub-Saharan Africa,” Nigeria’s former oil minister Emmanuel Ibe Kachikwu said in April.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com: 



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News