Nigerian companies oil
Nigeria’s oil industry is staging a comeback, driven increasingly by homegrown companies rather than multinational giants. After years of stagnation marked by insecurity, theft, and falling output, new reforms under President Bola Tinubu and improved security in the Niger Delta have helped lift production to its highest level in five years. Domestic firms now produce more oil and gas than foreign majors for the first time, buoyed by high-profile acquisitions of assets from Shell, ExxonMobil, and ENI. These local players argue they are better suited to work with communities and manage onshore risks. However, critics warn that these firms may lack capital and that they have weaker environmental records. As Nigeria eyes 3 million barrels per day by 2030, the future increasingly hinges on both oil recovery and a strategic pivot toward its vast natural gas reserves.
The Economist