A draft report details plans moving ahead for the most radical overhaul of Nigeria’s hydrocarbons industry in 40 years, according to African Energy, including joint ventures and other aspects of reform promised across the industry which fulfil a need for real change in Nigeria.

Officials have completed proposals for the most radical overhaul in the management of Nigeria’s oil and gas sector in four decades – just as President Umaru Musa Yar’Adua faces the stiffest challenge since his controversial election victory last April.

According to a draft of the report the overhaul will concentrate on four areas, notably a review of the legal and regulatory frameworks that govern the industry, the implementation of the new policy framework and establishment of the National Petroleum Directorate (NPD), the restructuring, constitution and capitalisation of new national oil company National Petroleum Company of Nigeria (Napcon) and its subsidiaries, and the establishment of the National Petroleum Assets Management Agency and the incorporation of the joint ventures (JVs).

Since its first issue in April 1998, African Energy has stamped its authority as the definitive publication on Africa’s energy industries, informing decision-makers on projects, policy trends, risk elements and finance.