Despite a focus on gas through the energy transition, oil remains the most important source of revenue for Nigeria.
After a torrid three years with record levels of crude theft, Nigerian production is recovering, but supply is still a long way short of pre-2020 levels.
In the interim, the Petroleum Industry Act implementation is ongoing, NNPC became a limited liability company and a new pro-business president was sworn in. But looking beyond the headlines, it’s clear that persistent barriers to raising oil production remain. These include ongoing security concerns, fiscal uncertainty, IOC divestments, access to capital and international competition.
We discuss the impact of these challenges in our current outlook for investment and production, and Nigeria’s ambition to reach 2.1 million b/d by 2024.
Join our experts, Ian Thom, Research Director, Gail Anderson, Research Director and Mansur Mohammed, Head of West Africa Upstream on Thursday 9 November as they present our latest view.
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