Current Realities in the Upstream Sector of the Nigerian Oil & Gas Industry

Current Realities in Nigeria; Contracts, Production & Reserves Government directive on Reserve ● and Production; • Address low reserve replacement ratio. • Increase national reserve to 40 billion barrels. • Increase Nations production to 3 million barrels a day. Contract value and cost reduction; Rigs, equipment and engineering are adjusting to new norms based on government directive to reduce rates by 30-40%. Analyzing and understanding the cost structure with the aim of cost reduction. • Companies will manage cost by reducing headcount and renegotiating supplier contracts NIGERIAN PETROLEUMONIST ONL Degeconek

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