Oil and gas investment in Nigeria has fallen to a record low, a new report by Renaissance Capital Limited revealed. The Russia-based investment bank said that the under-investment and chronic infrastructure issues plaguing the country’s oil sector manifested in a multi-decade production low of less than 1.5 million barrels of oil per day in December 2021.
RenCap said since the start-up of Egina deepwater project in the late 2018, only one or two new oil projects had come on stream. It said: “The near-term project pipeline screens thin, with Total’s Ikike , Amni’s Tubu and Shell/Seplat’s ANOH some of the scheduled 2022 start-ups. According to the report, Nigeria’s oil sector challenges has been exacerbated by a challenging operating environment, unattractive fiscal terms and oil majors’ exodus.