This document summarizes a research paper that used a vector autoregressive (VAR) model to analyze factors affecting the capacity utilization of Nigeria's manufacturing sector and its ability to benefit from the Nigerian Oil and Gas Industry Content Development Bill. The VAR model found that electricity generation (in 2 periods lagged), interest rates (in 2 periods lagged), and capital goods imports (in 2 periods lagged) had statistically significant effects on capacity utilization. The paper recommends that Nigeria focus on increasing electricity generation through new power stations, decrease tariffs on capital goods imports, and increase funding for the Nigerian content development fund to support the manufacturing sector in capturing opportunities from the local content bill.
PetroLMI Labour Productivity Webinar Fall 2017PetroLMI
Highlights on historical and future trends for labour productivity in Canada’s oil and gas industry based on a recently completed study. This webinar is targeted to oil and gas companies, associations, workforce and labour market analysts, training agencies, government and education.
The webinar will review:
• Historical and future trends for labour productivity in oil and gas
• Current industry benchmarks for production per employee
• Key factors impacting labour productivity in the oil and gas industry
• Considerations for strategic planning
• Recommendations for improving labour productivity
Pwc report- Oil and gas industry-Sept-2014Santos Ltd
Australia’s oil and gas industry plays an important role in the prosperity of Australia’s economy through its value-add, employment, scale of technology, and tax contribution.
To understand its relative contribution to the Australian economy, APPEA has engaged PwC to prepare a policy paper that examines the economic importance of the oil and gas industry to the Australian economy and national incomes.
India has the second largest refining capacity in Asia and is the third largest energy consumer globally. Domestic oil production stood at 35.68 million tonnes in 2017-18, while gas production was 31.83 bcm. State-owned companies dominate the oil and gas sector, with ONGC being the largest producer. Oil demand is expected to more than double to 10.1 million barrels per day by 2040 due to rapid economic growth. India is also increasingly reliant on imports to meet its growing energy needs.
This document provides a draft table of contents for a report on trends and facts related to India's energy sector, including fossil fuels, power generation, transmission and distribution. The report covers topics such as coal demand and supply trends, thermal and renewable power generation capacities, natural gas demand and pricing, and challenges and opportunities in the upstream oil and gas sector. It aims to provide investors with logical and relevant information through analyses of historical data, identification of issues, and future forecasts for various industries through 2022. The table of contents outlines 16 sections that will be included in the report, such as sections on coal, oil and gas trends; thermal power installations by region; funding, technology and equipment trends; and fuel sourcing challenges and outlook
- India is the second largest refiner of oil in Asia with a refining capacity of 247.6 million tonnes as of September 2018. Private companies own about 35.62% of India's total refining capacity.
- India's oil production reached 35.68 million tonnes in 2017-18 and had proven oil reserves of 600 million tonnes as of 2017. State-owned ONGC dominates oil production, accounting for 58.26% of India's total output in FY18.
- India's gas production was 31.83 billion cubic metres in FY18 and had proven gas reserves of 1.2 trillion cubic metres at the end of 2017. ONGC also dominates gas production
The document provides an overview of India's oil and gas sector. It notes that India is the world's fourth largest energy consumer and fourth largest LNG importer. It also discusses key trends such as growing demand for energy, India's reliance on oil and gas imports, and the dominance of state-owned companies in the upstream, midstream, and downstream segments of the industry. The document analyzes supply and demand trends for both oil and gas and highlights opportunities and challenges in the Indian market.
Understanding Attitudes towards Gasoline Import Demand in Viet NamIOSRJBM
Even with its vast reserves of oil and gas potential, the government has put this fuel resource the top of priority sectors for development, as it views as central to national economic growth as well as energy security, Viet Nam has remained a net importer of petroleum products over the past eight years. On another word, Gasoline importation has been a superior absorbability on the economy of Viet Nam, the determinants of the refined oil products imported activities analysis have been found no study yet. This paper aims to suggest the leading factors affecting import demand performances for petroleum products. The autoregressive distributed lag modelling framework (ARDL) have applied to this research; we estimated various short-run and long-run import demand models for Gasoline using time series study over the period 1995-2015. The results showed that the application of gas is stable prices in both the long and short term. Other principal operators of gas import probably are the real effective exchange rate, domestic petroleum production, and population growth. Moreover, a real economic activity found the most active and influential driver of gasoline demand accordance with the inelastic and elastic coefficients estimated in the short-run and long-run, respectively.
This document provides a summary of Kenya's economic performance in 2014. Some key points:
- The economy grew by 5.3% in 2014, down from 5.7% in 2013. Inflation increased slightly to 6.9%.
- Agriculture grew by 3.5%, manufacturing by 3.4%, and the building/construction sector grew strongly at 13.1%.
- International trade deficit widened as imports grew faster than exports. Tourism earnings and arrivals declined.
- Social indicators showed improvements, with declines in infant mortality and increases in education enrollment.
PetroLMI Labour Productivity Webinar Fall 2017PetroLMI
Highlights on historical and future trends for labour productivity in Canada’s oil and gas industry based on a recently completed study. This webinar is targeted to oil and gas companies, associations, workforce and labour market analysts, training agencies, government and education.
The webinar will review:
• Historical and future trends for labour productivity in oil and gas
• Current industry benchmarks for production per employee
• Key factors impacting labour productivity in the oil and gas industry
• Considerations for strategic planning
• Recommendations for improving labour productivity
Pwc report- Oil and gas industry-Sept-2014Santos Ltd
Australia’s oil and gas industry plays an important role in the prosperity of Australia’s economy through its value-add, employment, scale of technology, and tax contribution.
To understand its relative contribution to the Australian economy, APPEA has engaged PwC to prepare a policy paper that examines the economic importance of the oil and gas industry to the Australian economy and national incomes.
India has the second largest refining capacity in Asia and is the third largest energy consumer globally. Domestic oil production stood at 35.68 million tonnes in 2017-18, while gas production was 31.83 bcm. State-owned companies dominate the oil and gas sector, with ONGC being the largest producer. Oil demand is expected to more than double to 10.1 million barrels per day by 2040 due to rapid economic growth. India is also increasingly reliant on imports to meet its growing energy needs.
This document provides a draft table of contents for a report on trends and facts related to India's energy sector, including fossil fuels, power generation, transmission and distribution. The report covers topics such as coal demand and supply trends, thermal and renewable power generation capacities, natural gas demand and pricing, and challenges and opportunities in the upstream oil and gas sector. It aims to provide investors with logical and relevant information through analyses of historical data, identification of issues, and future forecasts for various industries through 2022. The table of contents outlines 16 sections that will be included in the report, such as sections on coal, oil and gas trends; thermal power installations by region; funding, technology and equipment trends; and fuel sourcing challenges and outlook
- India is the second largest refiner of oil in Asia with a refining capacity of 247.6 million tonnes as of September 2018. Private companies own about 35.62% of India's total refining capacity.
- India's oil production reached 35.68 million tonnes in 2017-18 and had proven oil reserves of 600 million tonnes as of 2017. State-owned ONGC dominates oil production, accounting for 58.26% of India's total output in FY18.
- India's gas production was 31.83 billion cubic metres in FY18 and had proven gas reserves of 1.2 trillion cubic metres at the end of 2017. ONGC also dominates gas production
The document provides an overview of India's oil and gas sector. It notes that India is the world's fourth largest energy consumer and fourth largest LNG importer. It also discusses key trends such as growing demand for energy, India's reliance on oil and gas imports, and the dominance of state-owned companies in the upstream, midstream, and downstream segments of the industry. The document analyzes supply and demand trends for both oil and gas and highlights opportunities and challenges in the Indian market.
Understanding Attitudes towards Gasoline Import Demand in Viet NamIOSRJBM
Even with its vast reserves of oil and gas potential, the government has put this fuel resource the top of priority sectors for development, as it views as central to national economic growth as well as energy security, Viet Nam has remained a net importer of petroleum products over the past eight years. On another word, Gasoline importation has been a superior absorbability on the economy of Viet Nam, the determinants of the refined oil products imported activities analysis have been found no study yet. This paper aims to suggest the leading factors affecting import demand performances for petroleum products. The autoregressive distributed lag modelling framework (ARDL) have applied to this research; we estimated various short-run and long-run import demand models for Gasoline using time series study over the period 1995-2015. The results showed that the application of gas is stable prices in both the long and short term. Other principal operators of gas import probably are the real effective exchange rate, domestic petroleum production, and population growth. Moreover, a real economic activity found the most active and influential driver of gasoline demand accordance with the inelastic and elastic coefficients estimated in the short-run and long-run, respectively.
This document provides a summary of Kenya's economic performance in 2014. Some key points:
- The economy grew by 5.3% in 2014, down from 5.7% in 2013. Inflation increased slightly to 6.9%.
- Agriculture grew by 3.5%, manufacturing by 3.4%, and the building/construction sector grew strongly at 13.1%.
- International trade deficit widened as imports grew faster than exports. Tourism earnings and arrivals declined.
- Social indicators showed improvements, with declines in infant mortality and increases in education enrollment.
Market Research Report : Oil and gas market in china 2014 - SampleNetscribes, Inc.
For the complete report, get in touch with us at: info@netscribes.com
Abstract:
Netscribes latest market research report titled Oil and Gas Market in China 2014 states that the market is expected to witness rapid growth owing to high untapped oil and gas reserves in the country. Rise in population and growing urbanization has led to a surge in energy demand in China. Increasing energy requirement in the country will have a favorable impact on the demand for oil and gas market in China. Growing petrochemical sector and automotive sector is also expected to foster growth of this market. These factors will ensure that the market continues to exhibit steady future growth. However, the market also experiences some pain points. Target to reduce CO2 emission also acts as the greatest hindrance to the development. Increase in foreign dependence for oil and gas supply and growing emphasis on renewable energy utilization to act as a major challenge to the Chinese oil and gas market. Although Chinese players are making overseas investments with a view to reduce foreign dependence for oil and gas. Players are also venturing into construction and expansion of oil and gas terminals with a view to obtain a secure supply of natural gas.
The Government of China is actively involved in the development of the domestic oil and gas market. Different pricing and tax reforms were introduced by the government with a view to promote the market. Chinese 12th five year plan has outlined several steps to develop the oil and gas industry in China. Oil and gas market has grown over the past decade at a remarkable rate in China and is expected to grow rapidly owing to increasing energy requirements in the coming future.
Table of Contents:
India is the third largest energy consumer globally and its oil and gas sector is growing robustly. State-owned companies dominate the oil and gas sector in India. Oil consumption has expanded at a CAGR of 4.78% during 2007-2017 to reach 4.69 million barrels per day in 2017. Gas consumption has increased at a CAGR of 3.40% between 2007-2017. India is increasingly relying on imports to meet its growing energy demands as domestic production has failed to keep pace with consumption.
Gsoo january-2014-stakeholder-briefing-4-march-2014-v2Joachim Tan
The document summarizes key findings from the Gas Statement of Opportunities published in January 2014 by the Independent Market Operator. It discusses changes made to the GSOO to be more responsive to industry feedback, including increased focus on the North West Shelf and updated demand and price forecasts. The supply-demand outlook is assessed as adequate to 2023 assuming commercially acceptable terms. Future challenges for the WA LNG sector are noted relating to potential changes in Asian LNG pricing and contract terms.
Shale gas in india does it hold potential to change the gas outlook in india...energy3b
Bharatbook.com introduces a report "Shale Gas in India: Does it hold potential to change the Gas Outlook in India from deficit to surplus?"
could boost the economy. However, this emerging industry will have to be promoted by balancing economic benefits with environmental and social issues.
The document provides an overview of India's oil and gas sector. Some key points:
- India is the third largest energy consumer in the world and its energy demand is expected to double by 2035.
- State-owned companies dominate India's oil and gas sector, with ONGC being the largest player in upstream exploration and production.
- Oil consumption in India has grown at a CAGR of 4.78% from 2007-2017 to reach 4.69 mbpd, and demand is projected to further increase dependency on imports.
- Gas consumption has increased at a CAGR of 3.40% from 2007-2017 to reach 54.20 bcm, and demand is expected to reach
The document discusses China's coal markets and how Mongolia can benefit from exporting coal to China. It notes that China relies heavily on coal and will continue to be a major coal importer. Mongolia has the opportunity to supply a significant portion of China's coking coal demand given its resources. However, Mongolia is dependent on China as its key customer and needs to focus on developing its industry and infrastructure safely and efficiently to fully capitalize on the opportunity of coal exports to China.
- India is the third largest energy consumer in the world and oil and gas account for 35.61% of total energy consumption. State-owned companies dominate the oil and gas sector in India.
- Oil consumption has grown at a CAGR of 2.98% from 2008-2017 to reach 4.43 million barrels per day. India relies heavily on oil imports which are expected to further increase.
- Gas consumption has increased at a CAGR of 2.44% from 2007-2016 to reach 50.7 billion cubic meters. India is increasing LNG imports to meet its growing gas demand.
The document provides an overview of India's oil and gas sector. It notes that India is the world's fourth largest energy consumer and fourth largest LNG importer. State-owned companies dominate exploration and production, while private companies have a growing role in refining. Demand for oil and gas is expected to continue growing strongly due to India's rising energy needs. The document discusses trends in production, imports, consumption and infrastructure such as pipelines.
India remains the third largest energy consumer globally. Crude oil production in India stood at 35.68 million tonnes in 2017-18, with state-owned ONGC accounting for around 58% of output. Natural gas consumption has increased at a CAGR of 3.4% between 2007-2017 to reach 54.2 billion cubic metres. Demand for gas is projected to reach 143 bcm by 2040, with imports projected to double over the next five years.
BMI-UKTI Webinar Presentation On Asia O&G OpportunitiesUmang Parikh
This document summarizes opportunities in Asia's oil and gas sector amid low oil prices. It finds that while exploration and production will face challenges, opportunities exist in growing energy consumption driven by urbanization, manufacturing, and transportation sector growth. Rising vehicle ownership will increase gasoline trade between countries. Strong natural gas demand and a lack of pipelines means liquefied natural gas trade and imports will increase, supported by new exports from Australia and Papua New Guinea as major projects come online.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
The document compares key economic indicators at the end of the terms of the NDA government (2003-2004) and the UPA government (2013-2014). It shows that GDP growth, industrial production, and manufacturing growth were significantly higher under the NDA, while fiscal deficit, current account deficit, currency depreciation, and food inflation were significantly worse under the UPA.
India is the third largest energy consumer globally and its oil consumption has expanded at a CAGR of 4.78% during 2007-2017. State-owned companies dominate India's oil and gas sector, with ONGC being the largest upstream company. While domestic production meets about 30% of India's oil demand, imports are expected to rise further due to growing energy needs. Gas consumption has increased at 3.40% CAGR from 2007-2017 and is projected to reach 143.08 bcm by 2040. Exports of petroleum products have also increased, with India being one of the largest exporters of refined oil globally.
Conference on Unconventional Hydrocarbon Resources on 13th March in New Delhi.Infraline Energy
We are pleased to inform you about our upcoming Annual Conference on "India's Readiness for tapping Unconventional Hydrocarbon Resources" scheduled on March 13, 2014, Hotel Shangri-La, New Delhi.
Key Discussion Points
• Global Distribution of Unconventional Resources of Hydrocarbons and their Potential
• Challenges in Exploitation of Unconventional Hydrocarbons- Policy- Regulatory- Operational Community etc.
• Case study- Successful Unconventional Hydrocarbons Projects- Critical Success Factors
• CBM Resources Exploitation- Opportunities- Challenges & Status of Exploitation
• Shale Gas & Oil Resources Potential- GOI Way Forward
• Global Best Practices- Policy & Regulatory Framework
• Conventional Hydrocarbons vs Unconventional Hydrocarbons- Key Differences
• Drilling Needs- Well Construct, Intensity of Drilling needed.
• Hydrofracing- Key Issues & how industry has responded
• Profile of Services sector in India- Unconventional Gas. How Prepared it is?
• Unconventional Focus- Key Aspects- USA, China, Argentina, Europe
• Logistics & Environmental Issues- Air & Noise Pollution, Stakeholders Interfacing aspects.
• Is India ready to take benefit of its Unconventional Resources? What top three aspects need immediate attention to make Unconventional's happen in India?
Registration fee is INR. 20,000 per delegate.
For more details Contact:
Gargi Goswami
gargi.goswami@infraline.com
8130960957/ 011-66250011
GDP growth of Bangladesh and selected countriesSadman Prodhan
The document analyzes the contribution of agriculture, industry, and services to GDP in Bangladesh from the late 1950s to present. It shows the agriculture sector's contribution declining from 70% of GDP in the late 1940s to 18% in 2011, while industry has increased from 4% to 28% and services have increased from 26% to 53% over the same period. The shifting contributions reflect Bangladesh's transition from a primarily agricultural to a more diversified economy.
A digital copy of the Business News 24 (31 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Briefing on Myanmar National Planning Law (FYI 2014-2015)Wunna Htun
This document summarizes Myanmar's National Planning Law for the 2014-2015 fiscal year. It outlines the law's objectives and provisions. Key points include:
- The law has 3 chapters and was enacted on April 1, 2014 for the country's 4th year of its first 5-year short-term plan from 2011-2012 to 2015-2016.
- National plans include 20-year long-term plans, 5-year short-term plans, and annual plans. Sectoral and regional plans must complement each other.
- GDP growth targets are set for different sectors and regions, with the highest targeted at 28.2% for Naypyitaw council area and the lowest at 2% for
Evaluation of United Power Generation & Development – Financial & Strategic ...rubahihs namhar
This document discusses evaluating UPGDCL's share price and providing strategic insights into Bangladesh's power sector. Primary and secondary data were collected through interviews and documents. Models were developed to project installed capacity, tariff growth, and WACC. Relative valuation methods estimated UPGDCL's share price between 58.93-77.52 taka. A PESTEL analysis identified political, economic, social, technological, environmental and legal factors impacting the power sector. Porter's five forces found the industry moderately attractive.
International Journal of Engineering Inventions (IJEI) provides a multidisciplinary passage for researchers, managers, professionals, practitioners and students around the globe to publish high quality, peer-reviewed articles on all theoretical and empirical aspects of Engineering and Science.
The engineering and capital goods industry in India is large and growing rapidly. It is projected to reach $125 billion by 2017, up from $46 billion in 2015. The industry has two major segments - heavy engineering which includes heavy electrical equipment, machinery, and automotive; and light engineering which includes low and high technology products. Several key sub-sectors are also growing quickly, such as the electrical equipment market which is expected to reach $100 billion by 2022 and engineering research and design revenues to increase fourfold to $45 billion by 2020. Increased investment in infrastructure and industrial development are driving demand in the industry.
Market Research Report : Oil and gas market in china 2014 - SampleNetscribes, Inc.
For the complete report, get in touch with us at: info@netscribes.com
Abstract:
Netscribes latest market research report titled Oil and Gas Market in China 2014 states that the market is expected to witness rapid growth owing to high untapped oil and gas reserves in the country. Rise in population and growing urbanization has led to a surge in energy demand in China. Increasing energy requirement in the country will have a favorable impact on the demand for oil and gas market in China. Growing petrochemical sector and automotive sector is also expected to foster growth of this market. These factors will ensure that the market continues to exhibit steady future growth. However, the market also experiences some pain points. Target to reduce CO2 emission also acts as the greatest hindrance to the development. Increase in foreign dependence for oil and gas supply and growing emphasis on renewable energy utilization to act as a major challenge to the Chinese oil and gas market. Although Chinese players are making overseas investments with a view to reduce foreign dependence for oil and gas. Players are also venturing into construction and expansion of oil and gas terminals with a view to obtain a secure supply of natural gas.
The Government of China is actively involved in the development of the domestic oil and gas market. Different pricing and tax reforms were introduced by the government with a view to promote the market. Chinese 12th five year plan has outlined several steps to develop the oil and gas industry in China. Oil and gas market has grown over the past decade at a remarkable rate in China and is expected to grow rapidly owing to increasing energy requirements in the coming future.
Table of Contents:
India is the third largest energy consumer globally and its oil and gas sector is growing robustly. State-owned companies dominate the oil and gas sector in India. Oil consumption has expanded at a CAGR of 4.78% during 2007-2017 to reach 4.69 million barrels per day in 2017. Gas consumption has increased at a CAGR of 3.40% between 2007-2017. India is increasingly relying on imports to meet its growing energy demands as domestic production has failed to keep pace with consumption.
Gsoo january-2014-stakeholder-briefing-4-march-2014-v2Joachim Tan
The document summarizes key findings from the Gas Statement of Opportunities published in January 2014 by the Independent Market Operator. It discusses changes made to the GSOO to be more responsive to industry feedback, including increased focus on the North West Shelf and updated demand and price forecasts. The supply-demand outlook is assessed as adequate to 2023 assuming commercially acceptable terms. Future challenges for the WA LNG sector are noted relating to potential changes in Asian LNG pricing and contract terms.
Shale gas in india does it hold potential to change the gas outlook in india...energy3b
Bharatbook.com introduces a report "Shale Gas in India: Does it hold potential to change the Gas Outlook in India from deficit to surplus?"
could boost the economy. However, this emerging industry will have to be promoted by balancing economic benefits with environmental and social issues.
The document provides an overview of India's oil and gas sector. Some key points:
- India is the third largest energy consumer in the world and its energy demand is expected to double by 2035.
- State-owned companies dominate India's oil and gas sector, with ONGC being the largest player in upstream exploration and production.
- Oil consumption in India has grown at a CAGR of 4.78% from 2007-2017 to reach 4.69 mbpd, and demand is projected to further increase dependency on imports.
- Gas consumption has increased at a CAGR of 3.40% from 2007-2017 to reach 54.20 bcm, and demand is expected to reach
The document discusses China's coal markets and how Mongolia can benefit from exporting coal to China. It notes that China relies heavily on coal and will continue to be a major coal importer. Mongolia has the opportunity to supply a significant portion of China's coking coal demand given its resources. However, Mongolia is dependent on China as its key customer and needs to focus on developing its industry and infrastructure safely and efficiently to fully capitalize on the opportunity of coal exports to China.
- India is the third largest energy consumer in the world and oil and gas account for 35.61% of total energy consumption. State-owned companies dominate the oil and gas sector in India.
- Oil consumption has grown at a CAGR of 2.98% from 2008-2017 to reach 4.43 million barrels per day. India relies heavily on oil imports which are expected to further increase.
- Gas consumption has increased at a CAGR of 2.44% from 2007-2016 to reach 50.7 billion cubic meters. India is increasing LNG imports to meet its growing gas demand.
The document provides an overview of India's oil and gas sector. It notes that India is the world's fourth largest energy consumer and fourth largest LNG importer. State-owned companies dominate exploration and production, while private companies have a growing role in refining. Demand for oil and gas is expected to continue growing strongly due to India's rising energy needs. The document discusses trends in production, imports, consumption and infrastructure such as pipelines.
India remains the third largest energy consumer globally. Crude oil production in India stood at 35.68 million tonnes in 2017-18, with state-owned ONGC accounting for around 58% of output. Natural gas consumption has increased at a CAGR of 3.4% between 2007-2017 to reach 54.2 billion cubic metres. Demand for gas is projected to reach 143 bcm by 2040, with imports projected to double over the next five years.
BMI-UKTI Webinar Presentation On Asia O&G OpportunitiesUmang Parikh
This document summarizes opportunities in Asia's oil and gas sector amid low oil prices. It finds that while exploration and production will face challenges, opportunities exist in growing energy consumption driven by urbanization, manufacturing, and transportation sector growth. Rising vehicle ownership will increase gasoline trade between countries. Strong natural gas demand and a lack of pipelines means liquefied natural gas trade and imports will increase, supported by new exports from Australia and Papua New Guinea as major projects come online.
Oil and Gas Sector Research- A GoldEdge Working Paper Series - 2013 Final-Fin...Bernard Narkotey
This paper examines the link between firm-level productivity in Ghana's oil and gas sector and the government's ability to generate revenue in the long run. It discusses Ghana's nascent oil and gas sector, including key oil field discoveries and operations. The paper analyzes factors that could influence productivity and revenue, such as capital/operational costs and policy initiatives. Empirical models are developed to assess relationships between variables like productivity, costs, and government revenue using World Bank data on Ghana's oil fields over 19 years. The analysis finds a relationship between sector output and government revenue, though both are expected to peak within 6 years and decline long-term.
The document compares key economic indicators at the end of the terms of the NDA government (2003-2004) and the UPA government (2013-2014). It shows that GDP growth, industrial production, and manufacturing growth were significantly higher under the NDA, while fiscal deficit, current account deficit, currency depreciation, and food inflation were significantly worse under the UPA.
India is the third largest energy consumer globally and its oil consumption has expanded at a CAGR of 4.78% during 2007-2017. State-owned companies dominate India's oil and gas sector, with ONGC being the largest upstream company. While domestic production meets about 30% of India's oil demand, imports are expected to rise further due to growing energy needs. Gas consumption has increased at 3.40% CAGR from 2007-2017 and is projected to reach 143.08 bcm by 2040. Exports of petroleum products have also increased, with India being one of the largest exporters of refined oil globally.
Conference on Unconventional Hydrocarbon Resources on 13th March in New Delhi.Infraline Energy
We are pleased to inform you about our upcoming Annual Conference on "India's Readiness for tapping Unconventional Hydrocarbon Resources" scheduled on March 13, 2014, Hotel Shangri-La, New Delhi.
Key Discussion Points
• Global Distribution of Unconventional Resources of Hydrocarbons and their Potential
• Challenges in Exploitation of Unconventional Hydrocarbons- Policy- Regulatory- Operational Community etc.
• Case study- Successful Unconventional Hydrocarbons Projects- Critical Success Factors
• CBM Resources Exploitation- Opportunities- Challenges & Status of Exploitation
• Shale Gas & Oil Resources Potential- GOI Way Forward
• Global Best Practices- Policy & Regulatory Framework
• Conventional Hydrocarbons vs Unconventional Hydrocarbons- Key Differences
• Drilling Needs- Well Construct, Intensity of Drilling needed.
• Hydrofracing- Key Issues & how industry has responded
• Profile of Services sector in India- Unconventional Gas. How Prepared it is?
• Unconventional Focus- Key Aspects- USA, China, Argentina, Europe
• Logistics & Environmental Issues- Air & Noise Pollution, Stakeholders Interfacing aspects.
• Is India ready to take benefit of its Unconventional Resources? What top three aspects need immediate attention to make Unconventional's happen in India?
Registration fee is INR. 20,000 per delegate.
For more details Contact:
Gargi Goswami
gargi.goswami@infraline.com
8130960957/ 011-66250011
GDP growth of Bangladesh and selected countriesSadman Prodhan
The document analyzes the contribution of agriculture, industry, and services to GDP in Bangladesh from the late 1950s to present. It shows the agriculture sector's contribution declining from 70% of GDP in the late 1940s to 18% in 2011, while industry has increased from 4% to 28% and services have increased from 26% to 53% over the same period. The shifting contributions reflect Bangladesh's transition from a primarily agricultural to a more diversified economy.
A digital copy of the Business News 24 (31 July edition). Zimbabwe's premier business news free sheet published by the Zimpapers Newspapers Group (1980) Limited and available every week day from 1530hrs to give a summary of the day's business news.
Briefing on Myanmar National Planning Law (FYI 2014-2015)Wunna Htun
This document summarizes Myanmar's National Planning Law for the 2014-2015 fiscal year. It outlines the law's objectives and provisions. Key points include:
- The law has 3 chapters and was enacted on April 1, 2014 for the country's 4th year of its first 5-year short-term plan from 2011-2012 to 2015-2016.
- National plans include 20-year long-term plans, 5-year short-term plans, and annual plans. Sectoral and regional plans must complement each other.
- GDP growth targets are set for different sectors and regions, with the highest targeted at 28.2% for Naypyitaw council area and the lowest at 2% for
Evaluation of United Power Generation & Development – Financial & Strategic ...rubahihs namhar
This document discusses evaluating UPGDCL's share price and providing strategic insights into Bangladesh's power sector. Primary and secondary data were collected through interviews and documents. Models were developed to project installed capacity, tariff growth, and WACC. Relative valuation methods estimated UPGDCL's share price between 58.93-77.52 taka. A PESTEL analysis identified political, economic, social, technological, environmental and legal factors impacting the power sector. Porter's five forces found the industry moderately attractive.
International Journal of Engineering Inventions (IJEI) provides a multidisciplinary passage for researchers, managers, professionals, practitioners and students around the globe to publish high quality, peer-reviewed articles on all theoretical and empirical aspects of Engineering and Science.
The engineering and capital goods industry in India is large and growing rapidly. It is projected to reach $125 billion by 2017, up from $46 billion in 2015. The industry has two major segments - heavy engineering which includes heavy electrical equipment, machinery, and automotive; and light engineering which includes low and high technology products. Several key sub-sectors are also growing quickly, such as the electrical equipment market which is expected to reach $100 billion by 2022 and engineering research and design revenues to increase fourfold to $45 billion by 2020. Increased investment in infrastructure and industrial development are driving demand in the industry.
Country overview & investment opportunities - ArgentinaEY Argentina
Argentina provides investment opportunities across multiple sectors totaling more than US$265 billion. Key sectors highlighted in the document include infrastructure (US$142 billion), energy (US$35 billion), mining (US$30 billion), oil and gas (US$25 billion), agribusiness (US$26 billion), and industrial goods (US$8 billion). The political and economic environment in Argentina has stabilized under President Macri, pursuing pro-market reforms and macroeconomic normalization after years of interventionist policies. Challenges remain in reducing inflation, the fiscal deficit, and poverty while generating sustainable economic growth and employment.
The performance of manufacturing sector and utilization capacity in nigeriaorlhawahlay
This document is a research paper on the performance of Nigeria's manufacturing sector and capacity utilization between 1985-2009. It aims to assess capacity utilization in the manufacturing sector and identify factors influencing it. The paper finds that capacity utilization has declined in Nigeria, currently at 45%, due to challenges like poor infrastructure, high production costs, and low technology. Regression analysis indicates that inflation reduces capacity utilization while exchange rates, loans, and per capita income positively impact utilization.
The performance of manufacturing sector and utilization capacity in nigeriaorlhawahlay
This document is a research paper on the performance of Nigeria's manufacturing sector and capacity utilization between 1985-2009. It aims to assess capacity utilization in the manufacturing sector and identify factors influencing it. The paper finds that capacity utilization has declined in Nigeria, currently around 45%, due to challenges like poor infrastructure, high costs, and macroeconomic instability. Regression analysis indicates that inflation reduces capacity utilization while exchange rates, loans, and per capita income positively impact utilization. The paper concludes Nigeria must address infrastructure, costs, and policies to restore the manufacturing sector.
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THE APPRAISAL OF LEGAL FRAMEWORK REGULATING GAS FLARING IN NIGERIA’S UPSTREAM...IAEME Publication
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JEL Classifications: K2, K42, Q4, Q5, P28, K32, K12
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The document provides an overview of the engineering and capital goods sector in India. Some key points:
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- Electrical equipment market size is forecasted to reach US$ 100 billion by FY22 from US$ 21 billion in FY17. Engineering research and design revenues are projected to increase fourfold to US$ 45 billion by 2020.
- The construction equipment market is expected to reach US$ 7 billion by 2020 from US$ 4.2 billion in FY17. Telecom equipment market is projected to increase at 50%
The document provides information on India's engineering sector. Some key points:
- Capital goods & engineering turnover is expected to reach USD125.4 billion by FY17 from USD46.18 billion in FY15.
- Electrical equipment market size is forecasted to reach USD100 billion by FY22 from USD21 billion in FY15.
- Engineering research & design segment revenues are projected to increase fourfold to USD45 billion by FY20 from USD22 billion in FY16.
- Construction equipment market is expected to grow more than threefold to USD22.7 billion by FY20 from USD2.9 billion in FY15.
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2. 34 J. Res. Econ. Int. Finance
Table1. Nigerian content (NC) levels
Fabrication and Construction Materials Procurements
Description
NC
(%)
Measured
Unit
Description
NC
(%)
Measured
Unit
Terminal/Oil Movement Systems 80% Volume
Steel Plates, Flat Sheets,
Sections
100% Tonnage
Drilling Modules/Packages 75% Tonnage Steel Pipes 100% Tonnage
Piles, Anchors, Buoys, Jackets, Bridges, Flare Booms,
Storage Tanks, Pressure Vessels
80% Tonnage Low Voltage Cables 90% Length
Umbilical 60% Tonnage High Voltage Cables 45% Length
Process Modules and Storage Modules 50% Tonnage Valves 60% Number
Accommodation Modules 70% Tonnage
Drilling Mud – Barite,
Bentonite
60% Tonnage
Subsea Systems 60% Tonnage Cement Portland 80% Tonnage
Pipeline Systems 100% Tonnage Cement Hydraulic 60% Tonnage
Risers 100% Tonnage Heat Exchangers 50% Number
Utilities Packages 50% Tonnage Steel Ropes 60% Tonnage
-- -- -- Protective Paints 60% Litres
-- -- --
Glass Reinforced Epoxy
(GRE) Pipes
60% Tonnage
Source: Nigerian Oil and Gas Industry Content Development Bill, 2010.
maximize the value addition of oil and gas sector to the
Nigerian economy.
Nigerian Local Content Development Bill
The Nigerian President Goodluck Jonathan ratified the
Nigerian Local Content Development Bill on March, 2010
aiming at giving the first priority to Nigerian goods and
services providers as soon Nigerian workers. The bill
consists of three parts and 107 sections. The Bill Annex
determines the Nigerian content level that oil and gas
operators and companies (NOC and IOC) must achieve
in their annual procurements regarding 279 different
activities. For the manufacturing sector, there are 22
activities that have been stated under the fabrication and
construction sector (10 activities) and materials and
procurements sector (12 activities), Table 1.
Expected Opportunities for The Nigerian
Manufacturing Sector
Methodology: We can estimate the expected effects of
the Bill on manufacturing sector using local content index
that assumes the full application of the NC stated in table
1, also assumes the capability of Nigerian manufacturing
sector to substitute the manufacturing imports in the
required quantity and quality. Local content index can be
calculated as following:
i Manufacturing Activities (Materials Procurements
and Fabrication)
P Average Annual Expenditure
LCR Local Content Ratio
Data: NCDMB estimates expected expenditures on
materials procurements and fabrication for the period
(2007-2016) by U.S 12.7 billion annually. Referring to
local content ratios indicated in table 1, we can determine
the local content ratio by an average of 68.75 percent for
materials procurements and 72.5 percent for fabrication
and construction.
Calculating Local Content Index: Depending on the
collected estimated data, we can say that there are
expected opportunities for the Nigerian manufacturing
sector to provide oil and gas sector by U.S 8.8 billion
annually, Table 2.
Determinants of Capacity Utilization (CU) in The
Nigerian manufacturing sector: The Paper depended
on Capacity Utilization as a proxy dependent variable to
represent the performance of manufacturing sector.
According to Slack et al., 2007) Capacity Utilization is
3. Gamil 35
Table2. Local Content Index Estimates for Nigerian Manufacturing Sector
Local Content Index
(U.S Billion)
Average Local Content
Ratio (%)
Annual Expected
Expenditure
(U.S Billion)
Items
7.35668.7510.7Materials Procurements
1.4572.52Fabrication and Construction
8.87012.7Total
Note: Calculations are based on: Nigerian Content Development and Monitoring Board,
“Leveraging Nigerian Content for Greater Opportunities”, A Paper Presented at the PETAN OTC Panel Session,2012.
Table3. SWOT Matrix for Nigerian Manufacturing Sector
Strengths Weaknesses
1. The youth status of the population.
2. Increased medium technical education graduators.
3. Low labor cost.
4. Elasticity in hire and fire practices.
5. Easy procedures to issue building licenses.
6. Easy procedures to enforce contracts.
7. Private sector interest in Modernizing Equipment.
8. High ability for Creativity and Innovation.
1. Low number of higher technical education graduators.
2. Land shortages, high cost, expensive licenses, difficulty
of registration.
3. Financing problems.
4. Decreased public and private R&D Expenditures, low
quality of research institutions and weak cooperation
with manufacturing sector.
5. Low number of Industrial Patents.
6. Low number of ISO and Quality Assurance Certificates.
7. Energy and electricity problems.
Opportunities Threats
1. Quality of governmental legislations.
2. Improved climate of Voice and Accountability.
3. Technology transfer from FDI.
4. Investment Attractiveness Climate for FDI.
5. Tax incentives.
6. Governmental Prepared studies for existing
investment opportunities.
7. Expected increase in oil and gas future
procurements.
8. Government assurance for increasing local
content.
9. Opportunities in Government Procurements Act
(GPA).
10. Opportunities in Local Content Development Bill.
11. Wide supply chains.
12. Increasing quantity and quality of local sourcing.
1. Difficulty of companies’ registration procedures.
2. Low level of infrastructure.
3. Corruption.
4. Decreased performance of government Effectiveness.
5. Political instability.
6. Low role of law.
7. Contradictions and interplay between local content
policy and WTO commitments (TRIMS).
8. Decreased applied tariffs regarding oil and gas
equipment imports (competition before enfant
industries).
9. Increased applied tariffs on raw materials imports.
10.Low level of trade facilitation indicators and increased
cost of imports.
Source: Author's Estimation.
defined as the ratio of actual output to design capacity.
There are many factors affecting capacity utilization in
any country. For Nigeria, the paper will depend on the
results of SWOT analysis in addition to literature review.
SWOT Analysis of the Nigerian Manufacturing Sector:
This paper has attempted to determine the strengths and
weaknesses factors of the Nigerian Manufacturing Sector
and the opportunities and challenges factors that face the
manufacturing sector in order to benefit from Local
Content Development Bill. The analysis depended mainly
on previous literatures, World Bank Doing Business
Reports, World Economic Forum Global Competitiveness
Reports, Central Bank of Nigeria and National Bureau of
Statistics published reports and data, the results are
summarized in table 3.
The influence of different factors on Capacity
Utilization has been documented by (Atoyebi, et al.,
2013; Rath, 2013; Simon and Awoyemi, 2010; Eniola,
2009; Adenekan, 2010; Seth, 1998 and Goldar and
Renganathan, 1991). The macroeconomic variables that
were identified include: Inflation Rate, Exchange Rate,
4. 36 J. Res. Econ. Int. Finance
Graph1. Capacity Utilization Model for Nigerian Manufacturing sector
Source: Prepared by the Author depending on literature review and SWOT analysis results.
Ratio of Manufacturing Imports to GDP, Ratio of
Government Expenditures to GDP and Ratio of Foreign
Direct Investment to GDP. Also the paper has taken into
consideration SWOT analysis results regarding some
measurable variables especially financing problems
(Interest Rates), Energy problems (Electricity Generation)
and Low level of infrastructure (Gross Fixed Capital
Formation).
Capacity Utilization model can be summarized in
graph 1, depending on the availability of the longest time
series data (1981-2009), the independent variables will
be: Electricity Generation (Million Megawatt), Gross Fixed
Capital Expenditure (as a Percentage of GDP), Interest
Rates (%) and Capital Goods Imports (as a Percentage
of Non-Oil Imports).
MATERIALS AND METHODS
The vector autoregressive (VAR) model is one of the
simplest forms of multivariate models. Its popularity for
analyzing the dynamics of economic systems is due to
the influential work by Sims (1980). It is particularly
convenient for the estimation and provides the simplest
model-based framework for relating leading indicators to
coincident variables and for the construction of
regression based composite indexes (Eklund, 2007).
Let Yt be a set of M coincident variables, and Xt a set
of n leading indicators. Collecting the variables Yt and Xt
in the (m+n) dimensional column vector Zt = (Yt’,X’t ). The
vector autoregressive model with P lags, VAR (P), can
then be defined as follows:
Where c is a column vector of constants, ,… are
parameter matrices, and is a (m+n) dimensional.
Assuming normally distributed errors, the model
parameters can be estimated by maximum likelihood, or
equivalently by ordinary least squares equation, see for
example Hamilton (1994). To diagnose and control the
assumptions of the regression modeling, we carried out
some tests on the variables as well as the residual:
Augumented Dickey-fuller (ADF) Unit root test, Johansen
Co-integration Test (Maximum Eigenvalue), Portmanteau
for testing Autocorrelations, Heteroskedasticity test and
Cholesky for testing Normality of residuals.
Unit Root Test
Augmented Dickey-fuller (ADF) Unit root test reveals that
all the variables have unit root in their level for ADF, since
their T. Statistics values in absolute terms were less than
the critical values in absolute term. Based on these
results, we failed to reject the null hypothesis of unit roots
at the level. However , when we performed the ADF test
at 1
st
Difference, the results showed that all the variables
are stationary since, T. Statistics values in absolute terms
exceed the critical values in absolute terms at 5%. This
means that after we have taken the 1st
Difference of all
the variables, we discovered that there is no evidence of
the existence of unit roots; Table 4.
Co Integration Test
For testing the Co Integration, the paper used Johansen
Co Integration Test. Maximum Eigen value reveals that
the calculated value for Max-Eigen Statistic(30.6) is less
than critical value (33.87) at 5 percent, we can thus
accept the null hypothesis (there is no co-integration, r=0)
and therefore there is no co integrating relationship, table
5.
RESULTS AND DISCUSSION
In order to analyze the effect of the independent variables
(ELEC,GFCE,INT,IM) on Capacity Utilization (CU) of
manufacturing sector in Nigeria. VAR model was adopted
using Eviews 7 statistical package including two period
lags of variables (Minimum Value for Akaike Information
Criterion (AIC) that equals -4.26). The estimated model
can be summarized in the equation below.
The model is good fitted, as the value of R-squared
(R2
) the coefficient of determination is 75 percent and this
Capacity Utilization
Gross Fixed Capital
Expenditure
(GFCE)% GDP
Interest Rates
(IR)(%)
Electricity
Generation
(ELEC)
Capital Goods
Imports
(IM)% Non-Oil
Imports
5. Gamil 37
Table4. Augmented Dickey-fuller (ADF) Test
1st
DifferenceLevel
Variables Critical value
(5%)
T. statistics
Value
Critical value
(5%)
T. statistics
Value
-2.981038-5.785375-2.971853-2.892598Log _CU
-2.976263-6.656551-2.971853-2.622927Log _INT
-2.976263-6.423203-3.689194-0.812035Log_ ELEC
-2.976263-5.734966-2.971853-2.462672LOG_IM
-2.981038-4.685620-2.971853-2.965690LOG_GFCE
Source: EViews 7.
Table5. Johansen Co Integration Test (Maximum Eigen value)
Prob
Critical Value
5%Max-Eigen
Statistic
Hypothesized
No. of CE(s)
0.115733.8768730.65281None
0.139227.5843423.87277At most 1
0.759621.131629.839481At most 2
0.577614.264606.279639At most 3
0.98573.8414660.000410At most 4
Source: EViews 7.
Table6. The Results of VAR Model Estimates
Final decisionHypothesisRelation SignificanceRelation TypeVariables
Reject HypothesisPositive and significantNot significantNegativeCU(-1)
Reject HypothesisPositive and significantsignificantNegativeCU(-2)
Accept HypothesisPositive and significantsignificantPositiveELEC (-1)
Reject HypothesisPositive and significantNot significantPositiveELEC(-2)
Reject HypothesisPositive and significantNot significantPositiveGFCE(-1)
Reject HypothesisPositive and significantNot significantPositiveGFCE(-2)
Reject HypothesisNegative and significantNot significantNegativeINT(-1)
Accept HypothesisNegative and significantsignificantNegativeINT(-2)
Reject HypothesisPositive and significantNot significantPositiveIM(-1)
Accept HypothesisPositive and significantsignificantPositiveIM(-2)
Source: Estimation based on VAR Model results and Hypothesis.
means that the explanatory power or independent
variables explain jointly the variation in CU by 75 percent
of the total variations leaving 25 percent unexplained due
to random chance. The tests on the residuals had shown
that there is no Autocorrelation among errors, there is no
Heteroskedasticity and residuals are distributed normally,
tables 6 and 7.
Tables 5 and 6 show that there is a positive and
significant relation between Electricity Generation (ELEC-
2) (in 2 lagged) and Capacity Utilization (T. Statistics
value = 2.55), and the parameter value shows that a unit
change in (ELEC-2) will result 0.94% change in
Capacity Utilization (parameter value = 0.94), which
7. Gamil 39
Table 8. Literature Evidence for Energy Problems in Nigeria
Literature Results Sources
Nigeria has ranked as number 185 out of 189 economies in getting
electricity indicator in Doing Business Report, and getting electricity
in Nigeria costs 960.5 percent of Income per capita.
World Bank, Doing Business Report, 2014.
Table 9. Percentage of Capital Goods Imports of Total Imports in Nigeria comparing
with some oil countries
Country Average (2006-2011)
Nigeria 25%
Malaysia 46%
Indonesia 24%
Brazil 26%
Kazakhstan 27%
Source: Author's Computation Using WITS Depending on BEC Classification.
Table 10. Literature Evidence for financing problems in Nigeria
Literature Results Sources
The second important problem facing the private sector in Nigeria is
financing problem especially SMEs and 70 percent of investors
depend on personal funding.
World Bank, An Assessment of the Investment
Climate in Nigeria, (Washington D.C,2009).
Financing problems in Nigeria are the third influential factor affecting
manufacturing Capacity Utilization in Nigeria.
Vassily Baberopoulos, Challenges Facing the
Manufacturing/Fabrication Sector over Local Content
Production, A Paper presented at NSE/NCDMB
Workshop, Port Harcourt, 10 July 2012.
Nigeria has got 2.1 point from 7 points in the financing assessment
indicator in status of Competitiveness.
World Economic Forum, The Global Competitiveness
Report, 2011-2012.
About 10.7 percent of Nigerian total population can obtain
government financing.
Nigeria Census Bureau, Annual Abstract Statistics,
2010.
confirm our theoretical framework and hypothesis, so we
fail to accept null hypothesis.
The results show also that there is a positive and
significant relation between Capital Goods Imports (IM-2)
(in 2 lagged) and Capacity Utilization (T. Statistics value
= 3.17), and the parameter value shows that a unit
change in (IM-2) will result 130% change in CU
(parameter value =1.3), so we fail to accept null
hypothesis.
In addition to those two significant relations the
results assure that there is a negative and significant
relation between interest rates (INT-2) (in 2 lagged) and
Capacity Utilization (T. statistics value = 4.17), and the
parameter value shows that increasing (INT-2) by a unit
change will lead to a change in CU by 0.62%, so we fail
to accept null hypothesis.
Regarding all other assumptions, we accept the null
hypothesis because the results reveal that they are all not
consistent with the paper assumptions.
CONCLUSION AND POLICY RECOMMENDATION
The paper was an attempt to investigate the most
influential factors affecting Nigerian Manufacturing
Capacity Utilization (CU), and thus affects its ability to
benefit from the opportunities of Nigerian Content
Development Bill. Literature review and SWOT analysis
revealed that there are some factors that have an
important effect on (CU). The paper has determined both
of Electricity Generation, Gross Fixed Capital Formation,
Interest Rates and Imports of Capital Goods as
independent variables. The VAR model estimates
revealed a significant relation between both of Electricity
Generation (in two lagged), Capital Goods imports (in two
lagged) and interest rates (in two lagged) as independent
variables and Capacity Utilization as dependent variable.
In context with the results, the paper recommends
the Nigerian government to give the energy sector a
great interest through modernizing the existing power
stations to solve the problem of inefficiency and
establishing new stations and plants in order to enable
the manufacturing sector to benefit from the Local
Content Development Bill by increasing the level of
Capacity Utilization.
The paper also recommends the Nigerian
government to encourage the manufacturing sector to
modernize the production equipment through decreasing
the applied tariffs and activating draw back regimes.
8. 40 J. Res. Econ. Int. Finance
World Trade Organization (WTO) Tariff Data shows that
the average applied tariff on Nigerian electrical machinery
imports reached 9.8% (Maximum = 20%) in 2012. Table
9 shows that capital goods in Nigeria reached 25% of
total imports compared to 46% in Malaysia.
The results and previous literature stated in table 10
reveal that financing problem in Nigeria influences the
Manufacturing Sector negatively. Therefore, the Nigerian
government must decrease the interest rates applied by
the Nigerian Industrial Bank, the main lending authority
for manufacturing sector in Nigeria. Also, the resources of
Nigerian Content Development Fund established
according to the Bill, must not only depend on the sum of
one percent received from every contract awarded to any
operator in oil and gas sector, but also the Nigerian
government should support its resources by a sufficient
annual budget.
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Nigerian Oil and Gas Industry Content Development Bill (2011).
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How to cite this article: Gamil H.A. (2014). Evaluation of the
Determinants of the Nigerian Manufacturing Sector Ability
to benefit from the Nigerian Oil and Gas Industry Content
Development Bill Using Vector Auto Regressive Model
(VAR). J. Res. Econ. Int. Finance 3(2):33-40