The bill has been delayed in parliament for six years due to political wrangling and opposition by international energy companies against proposed tax and royalty terms, deterring investment into Africa’s top oil producer.
Against a backdrop of leaden skies and news that Statoil was cutting another 2,000 jobs, the subsea industry really did feel ‘under pressure,’ the theme of this year’s Underwater Technology Conference.
“Russia is increasingly looking east and the various deals made between Rosneft and China are likely to see more Russian crude head to China permanently,” an analyst told Bloomberg.
A wealth of oil and gas has contributed to the world’s bountiful supplies and lower oil prices, which in turn have impacted budgets and spending both onshore and offshore.
Proactive approaches will set shale players up for long-term success.