Local Revolution: Nigeria's Oil and Gas Transformation

Nigeria's oil and gas sector is undergoing a significant transformation as local companies take on a more prominent role. These firms have capitalized on the exit of major international oil companies to acquire valuable onshore and shallow water assets, setting the stage for potential sectoral growth and innovation.

In a pioneering move, Nigeria's first independently developed and operated onshore crude terminal, Otakikpo, commenced operations, underscoring local capability. Similarly, new crude blends are emerging from Conoil Producing Limited and others, demonstrating a dynamic shift in production.

Despite challenges posed by security concerns, infrastructural issues, and oil theft, local producers—backed by significant investment commitments—could fulfill Nigeria's ambition to increase its oil output significantly. These developments signify a new era for Nigeria's oil and gas industry.

(With inputs from agencies.)