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

• ● Current Realities in Nigeria; Funding Challenges NNPC Joint Venture shortfall. ● ● 53% drop in NNPC cash calls payment to JV operations between 2005 and 2015. Led to a 62% drop in JV production that is masked by PSC production. Plays a part in decline of crude oil production from 2.3 million barrels per day to 2.1 million barrels per day in over the same period. Non-performing loans are ubiquitous; About N5 trillion in loans granted to energy firms in 2013 and 2014, might be impaired. (Vanguard) NIGERIAN OCIATION OF ORATI PETROLEUMONIST Average Daily Oil Production '000 bopd 3000 2500 2000 1500 1000 500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Year Source: NNPC JV JV_EF_MCA PSC DHL Degeconek

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