Nigeria: U.S.$1.3 Billion Facilities Idle As Delay Stalls Upstream Sector Projects

21 February 2018

If a new upstream project is not approved after the completion of the Egina Floating Production Storage Offloading vessel, ship repair and fabrication yards worth over U.S.$1.3 billion may remain idle, with about 20,000 workers risking job loss. More than 10,000 jobs may also be affected, if the Final Investment Decision on the Zabazaba deep water project is delayed beyond the second quarter of 2018.

The Guardian learnt that uncertainty over fiscal terms in the Petroleum Industry Governance Bill and low oil prices contributed to the delay in FID by investors.

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