Political risk threatens Nigeria's oil sector recovery
In Nigeria’s oil sector, debts are being settled—albeit gradually—and financial backing for new projects is being put in place, but investors remain cautious.
The Nigerian government claims to be making headway in putting the oil industry's finances in order and stimulating investment. But the international oil companies (IOCs) will want to see the outcome of February's presidential election and whether licensing reforms are implemented before sinking billions into further offshore developments. The state-owned Nigerian National Petroleum Corporation (NNPC) paid off all its cash calls due in 2017-18 and has said that, by September 2018, it had paid almost off almost $1bn out of a total of around $5bn in arrears it owes to joint ventures with its international oil company partners. NNPC also said it had signed agreements with the joint venture comp
Also in this section
10 March 2026
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
