From Foreign Majors to Local Champions: Nigeria’s Oil Industry Transformed

Nigerian companies are leading a historic shift in oil wealth ownership as foreign oil giants retreat from the country’s onshore oilfields. Firms like Heirs Energies and Oando are stepping in, leveraging local knowledge and community ties to revive neglected assets and boost production efficiently. This shift stems from strained relations and environmental concerns linked to international companies, creating space for indigenous operators to build more inclusive partnerships. Recent multi-billion-dollar acquisitions highlight the scale of this transformation, signaling Nigeria’s oil industry is moving toward greater local control. Despite ongoing security challenges and financing hurdles, Nigerian firms are optimistic about untapped reserves and new investment opportunities fueled by changing global energy policies.

Financial Times