Mohammed Metteden
From catalysing oil and gas potential to optimising gas production, diversifying consumption, and addressing gas flaring challenges, debates about hydrocarbon production in Nigeria continue to dominate the energy scene.
As Africa’s largest crude oil exporter, with an output of almost two million barrels per day, global investors and business leaders are urging Nigeria to optimise and diversify its oil resources, especially considering the oil price volatility caused by the COVID 19 pandemic.
McKinsey Global Institute (MGI) identified Africa as the next frontier for growth and opportunity, highlighting the need for Nigeria to incentivise investors into its oil and gas industry. In Nigeria, almost two-thirds of production comes from shallow-water and onshore fields, creating demand for investments that will improve production and create additional reservoirs. Yet, despite this, it remains largely unclear what the future holds for oil production in Nigeria.
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