BMI View: Nigeria’s hydrocarbon sector is struggling to revive the dynamism and interest it lost over the past two years. The weak output flows in 2012 were the consequence of flooding, repeated oil thefts and regulatory uncertainty. We expect feeble production from 2013 and for the following two years. Output should ramp-up more significantly as many large fields come online after 2014, more than offsetting current depletion. Adoption of the Petroleum Industry Bill, which we expect around Q413-Q114, would be a strong signal for investors that Nigeria’s hydrocarbon sector is ready to move forward. The main trends and developments we …
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