Indigenous Nigerian oil companies now produce over 50% of the country’s crude, up from 40%, following divestments by international majors like Shell and ExxonMobil. This shift positions local firms as key players in Nigeria’s goal to boost oil output by 1 million barrels per day next year, according to the Nigerian Upstream Petroleum Regulatory Commission.
Nigerian firms are investing heavily and developing fields aggressively. Notable milestones include Green Energy International’s first export from Nigeria’s fully indigenous onshore terminal at Otakikpo, and Conoil’s maiden cargo of its Obodo crude blend. Renaissance Africa Energy, which took over Shell’s onshore assets, plans to invest $15 billion over five years to increase crude and gas production.
Seplat Energy, nearing acquisition of ExxonMobil’s shallow-water assets, plans to reopen 400+ shut-in wells. CEO Roger Brown announced a $320 million investment in drilling and upgrades this year, aiming to boost output to 140,000 barrels per day by reviving wells and increasing gas production.
