Monday 28 August 2023

Nigeria, traditionally Africa’s largest oil producer, has seen its oil and gas (O&G) production struggle to maintain its potential output for much of the last decade. For a country that boasts abundant O&G reserves of 37,100 mmbbls and 206 tcf, production remains well below the average of 3 mmboepd seen from 2010-2015. This is partly due to a reduction in upstream capex estimated to be 74% between 2014 and 2022, from US$27 billion (bn) to a mere US$6bn, as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Despite this, hopes are high for revitalising the country’s O&G sector, especially in offshore deep waters, as domestic reforms have been introduced to improve the country’s business environment and promote exploration.

Full story here