West Africa on the up
Oil production will grow again in 2016, despite the downturn in prices
STRUGGLING for cash, Nigeria wants to boost oil production. Emmanuel Ibe Kachikwu, head of state oil firm Nigerian National Petroleum Corporation (NNPC), said in December that the country aimed to raise oil by 300,000 barrels a day in 2016. It’s not clear how this will happen – the government already says it is producing 2.1m b/d, conveniently almost 300,000 b/d above the number offered by secondary sources. President Muhammadu Buhari, elected last April, is trying to reform NNPC and improve the regulatory framework for oil and gas projects. From March, NNPC will replace crude oil swap agreements with direct crude sales to refiners and the purchase of refined products directly – an effort to
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
