Nigeria Adds 200,000 Barrels Daily as Oil Majors Divest, Attracting $5.5bn in New Investments

Nigeria’s crude oil production has risen by approximately 200,000 barrels per day following recent divestments by major International Oil Companies (IOCs), including Shell, ExxonMobil, and Chevron, according to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri. Speaking at the Africa Energy Week in Cape Town, Lokpobiri said the exits of these IOCs have opened doors for indigenous companies like Seplat, Oando, and Heirs Holdings, unlocking over $5.5 billion in fresh investments.

Written by Adeyemi Adewale