COVID-19: Impact on the Nigerian Oil and Gas Industry
Obsolete legal, fiscal and regulatory frameworks, uncertainty over pending laws, insecurity and bureaucratic inefficiency have all been identified as perennial challenges facing the Nigerian oil and gas industry (“the Industry”). The outbreak of the novel coronavirus (COVID-19) and subsequent measures implemented to flatten the curve have resulted in disruptions of epic proportions – the Industry is not exempt from these disruptions and this poses a new challenge for the Industry.
COVID-19 AND THE GLOBAL OIL MARKET
It is no longer news that the spread and impact of COVID-19 is now global, with countries, economies, businesses, sectors and industries all heavily impacted. The global oil market is not spared. Worldwide, the oil industry has already taken serious hits as major economies are on lockdown, which has significantly reduced the demand for crude oil. Generally, factories, plants, refineries and businesses have shut down or scaled-down their operations due to necessary measures implemented to break the COVID-19 transmission chain.
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