Webinar
The Petroleum Industry Act: a gamechanger for Nigeria’s upstream?
The PIA sets the fiscal terms for Nigeria's upstream sector through the energy transition years. After a tumultuous 18 months, legislators decided that more radical surgery was needed to save Nigeria from a bleak future of upstream decline. What they have delivered is both remarkable and necessary.
Remarkable, because in no other jurisdiction has there been such a major transfer of value to current lease holders in onshore and shallow water. It's a different story in deepwater though, where most contractors are still to renegotiate their terms.
Necessary, because Nigeria is awash with underinvested assets. Unless something is done quickly, greenhouse gas emissions and access to capital will become an even bigger risk than they are currently.