Nigeria risks disruption in oil and gas supplies and power generation, due to declining exploration activity and depleting oil reserves, the Nigerian Association of Petroleum Explorationists (NAPE) has warned . Inefficient contract and procurement awarding process, oil theft, and illegal refining are the key obstacles to Nigeria’s oil and gas industry, Ajibola Oyebamiji, president of NAPE, said at a press conference, as carried by news outlet This Day. Oil theft and illegal refining are larger threats to Nigeria’s oil industry than a decline in oil prices, according to Oyebamiji. The procurement and contracting cycles in Nigeria are around 36 months on average—the longest and most inefficient globally, dampening business climate because contractors can’t properly plan costs, NAPE’s president said. “Insecurity, oil theft and illegal refining are bigger threats to the oil and gas industry in Nigeria than the declining price of oil,” the head of the oil exploration association […]