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LequteMan
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Nigeria- Affected by the falling of oil prices globally, oil companies are starting to suspend their project in order to reduce costs and prevent loses. PUNCH reports.
Excerpt:
The jitters being sent by the continuing slide in the prices of crude oil in the international are being felt not only by the government but by the oil majors, which are unwilling to commit resource into big deepwater projects.
With a number of international oil companies choosing to maintain a disciplined and selective approach to capital spending this year after earnings slumped in 2013, a continued decline in global oil prices could stall some deepwater projects in the country.
Several IOCs are increasingly focused on expanding their footprint in the offshore areas of the Nigerian oil industry as a result of onshore risks, but the non-passage of the Petroleum Industry Bill has already led to the suspension of some of the projects.
click here to read more
#Oil #Nigeria
Excerpt:
The jitters being sent by the continuing slide in the prices of crude oil in the international are being felt not only by the government but by the oil majors, which are unwilling to commit resource into big deepwater projects.
With a number of international oil companies choosing to maintain a disciplined and selective approach to capital spending this year after earnings slumped in 2013, a continued decline in global oil prices could stall some deepwater projects in the country.
Several IOCs are increasingly focused on expanding their footprint in the offshore areas of the Nigerian oil industry as a result of onshore risks, but the non-passage of the Petroleum Industry Bill has already led to the suspension of some of the projects.
click here to read more
#Oil #Nigeria