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Nigeria’s Oil Industry
- Africa’s largest oil producer – has capacity for 2.4mbpd but producing
1.4mbpd
- 288 upstream concessions with 145 operational
- 37 billion proven oil reserves
- 206 TFC of proven gas reserves (mostly unutilised/undeveloped)
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In 2021, the country awarded over 50 Marginal Fields to
indigenous companies
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IOCs divestments have been on for the past decade and
continuing
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The divestments have created several unicorns in
Nigeria’s oil and gas industry
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Multinationals have divested over 35 producing assets between 2010 and 2024
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Exit of some multinationals provides unrivalled opportunities for indigenous players
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All of the assets went to local companies with some in alliance with foreign ones
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Lack of financial depth of some indigenous companies also boon to investors that missed
the divestments
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More serene operating environment expected on the back of creation of Host Community
Development Trusts.