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Published On: Wed, Jan 21st, 2015

NNPC to cancel deep-water projects, says GMD

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By Etuka Sunday

Following the continued fall of global oil prices, the Nigerian National Petroleum Corporation (NNPC) has said that several deep-water projects in the country face delays or outright cancellation.

“A number of deep-water projects may suffer delays or cancellation, including one in Angola, three in Nigeria and one in Ghana; while in shallow waters, two projects in Angola, one in Nigeria and two in Ghana may suffer delays,” the Group Managing Director, NNPC, Dr. Joseph Darwa, said at the 19th edition of Offshore West Africa in Lagos, on Tuesday.

He said the challenge for the country’s oil and gas industry was how to manage major projects through both price and fiscal uncertainties.

He also noted that the current slide in oil prices was caused by a combination of factors, including lower than expected demand growth, continued strong supply growth and unexpected loss of OPEC discipline, said the factors portended significant implications for the industry.

 

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