An ExxonMobil affiliate told an oil and gas conference in Yenagoa that Nigeria needs to get its act together if it wants to hit those ambitious production targets. Hazizi Hassan from Esso Exploration and Production Nigeria Deepwater Limited said the country could reach 2 million barrels per day by 2027, but only if everyone stops making things unnecessarily complicated and creates a stable environment for investors.
Hassan pointed out that doing business in Nigeria costs over 40 percent more than in competing countries because of duplicate fees and agencies stepping on each other's toes. He said the new tax changes basically undid some good stuff from the Petroleum Industry Act, and middlemen are inflating costs without adding any real value.
The company wants regulators to work better with operators and focus on building actual long-term capacity instead of just checking boxes for compliance. Hassan said partnerships need to stay globally competitive, or Nigeria will keep struggling to attract the investment it needs.
Hassan pointed out that doing business in Nigeria costs over 40 percent more than in competing countries because of duplicate fees and agencies stepping on each other's toes. He said the new tax changes basically undid some good stuff from the Petroleum Industry Act, and middlemen are inflating costs without adding any real value.
The company wants regulators to work better with operators and focus on building actual long-term capacity instead of just checking boxes for compliance. Hassan said partnerships need to stay globally competitive, or Nigeria will keep struggling to attract the investment it needs.
