Indigenous Oil Operators Now Dominate Nigeria's Crude Production
Nigeria's crude oil production has seen significant growth in recent years, reaching over 1.7 million barrels per day in 2023, a rise from about one million barrels per day in the same year.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, attributed this growth to major divestment transactions by international oil companies, which have created opportunities for indigenous operators to expand their participation in the upstream sector. Lokpobiri also pointed out that these transactions have allowed indigenous operators to account for more than 50% of Nigerian crude oil production.
The minister emphasized the need for adequate infrastructure, efficient transportation and storage systems, expanded refining capacity, and a competitive market capable of delivering value to consumers and investors.