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Tag: AEC

Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

Nigeria’s fragile fiscal regime may stall $24bn oil, gas projects

Oil & Gas
With the continued delay in the passage of the Petroleum Industry Bill (PIB) leading to a frigile fiscal regime mired by uncertainty, the African Energy Chamber (AEC), has said Nigeria and other African countries should expect a capital expenditure (CAPEX) spending cut of $30billion by next year. Specifically, the Chamber said it expects a CAPEX spending cut of $30billion over the 2020-2021 periods, and has identified a further $80billion of investment whose sanctioning will depend on improving market conditions, along with bold policy and fiscal reforms from African regulators. The Minister of State for Petroleum Resources, Timipre Sylva, had earlier last month, said the National Assembly shifted the PIB deliberation to the first quarter of next year. The post...