Nigeria Demands Gas From Foreign Oil Companies

Nigeria's government threatened to impose stiff penalties against foreign oil companies that fail to provide a certain amount of natural gas to the domestic market by the end of the year. The domestic power sector has significant problems and the lack of reliable power is thought to be one of the biggest braking factors for economic growth development in Nigeria.

"Once the emergency is declared in the power sector, there will be stiff sanctions if they fail to meet their obligations and all of this will be clearly spelled out as pre-conditions for continued operations in our country," Olusegun Adeniyi, the president's spokesman, told reporters.

Nigeria warned that it could penalise oil companies via their exports if they do not abide by their domestic requirements.

Read more: Upstream Online