Chief amongst complaints by Nigerians is the massive corruption in the sector, which siphons off billions of dollars…
Tue Feb 21, 2012 9:03am EST
* Oil theft, regulatory uncertainty holding back exploration
* Nigeria could double output to 4 million bpd, Shell says
* Oil minister admits problems, sees 2.68 million bpd soon
By Joe Brock
ABUJA, Feb 21 (Reuters) – Attacks on oil pipelines, a dearth of funding from the state oil firm and regulatory uncertainty have dampened appetite for exploration of Nigeria’s huge oil and gas reserves, its biggest producer Royal Dutch Shell said on Tuesday.
In a speech to an oil and gas conference in the capital Abuja, Ian Craig, Shell’s director for sub-Saharan Africa, said Nigeria could produce 4 million barrels of oil per day (bpd) but that big changes would be needed for this to happen.