Local control of onshore and shallow water oil and gas assets is unlikely to halt attacks on Nigerian oil and gas infrastructure, but it should result in a renewed focus on increased production. Despite ongoing supply problems, new LNG capacity is being developed, both on and offshore.
Africa may not possess the vast conventional gas resources of the Middle East or Russia, and it may not be able to match the combined conventional and unconventional resources of North America.
Nigeria's quest for energy transition, Wednesday, received a boost, as an indigenous firm, UTM Offshore Limited, signed agreements with three technical partners, Kellogg Brown and Root.
African Export-Import Bank (Afreximbank) has executed a project preparation facility financing head of terms with UTM Offshore Limited (UTM), the bank said in a statement at the weekend.