PETROLEUM INDUSTRY REFORM IN NIGERIA: SIMULATION ...

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Presentation Outline • Nigeria’s petroleum economy overview • Nigeria petroleum industry reform objectives • Fiscal & non fiscal reform legislative instruments • Diagnosis of fiscal legislative instruments • Impact deepwater project economics • Concluding remarks and questions OOILEDARE 2 OOILEDARE USAEE 2010, Calgary, Canada
Petroleum Industry in Nigeria • Nigeria ranks among the top 10 nations in proved oil and natural gas reserves worldwide. • The largest oil producer in Africa; 7 th in OPEC; but fifth largest economy in OPEC. • As of January 1, 2010, the estimated crude oil and natural gas reserves are 37.2 billion barrels and 185.4 trillion cubic feet (TCF). – The target to expand its proven oil reserves to 40.0 billion barrels and increase its production capacity to 4 million barrels per day by 2010 is impracticable with less than three months to go. OOILEDARE 3 OOILEDARE USAEE 2010, Calgary, Canada
Page 1: PETROLEUM INDUSTRY REFORM IN NIGERI
Page 5 and 6: Broad Objectives of the Reform •
Page 7 and 8: Fiscal System Instruments Nigeria S
Page 9 and 10: Proposed Fiscal Instruments for Nig
Page 11 and 12: Proposed Example Fiscal of Instrume
Page 13 and 14: Modeling Deepwater Economics —DCF
Page 15 and 16: Production Sharing Contract Model D
Page 17 and 18: Incremental Deepwater Project: 100
Page 19 and 20: Sensitivity of Nominal IRR vs. HGT
Page 21 and 22: Sensitivity of Nominal IRR vs. HGT
Page 23 and 24: Internal Rate of Return: Fifty Perc
Page 25 and 26: Conclusions • Ongoing petroleum i

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