Partner, PwC Nigeria, Pedro Omontuemhen, said the ongoing divestment by major international oil companies from Nigeria’s oil and gas sector paves the way for domestic producers to expand their market share and strengthen their presence in the industry.
He stressed that though upstream oil and gas investment in Nigeria has declined continuously in the last 9 years, there has been an uptick in investment in first quarter 2024 driven by shifts in asset ownership within the Nigerian onshore assets. “Increasing divestments by IOCs are allowing Nigerian independent producers to expand their market share. Global upstream operators are focusing on cost efficiency and shareholder returns, influencing investment decisions in Nigeria. IOCs are concentrating on resources with strong economics, lower emissions and reduced risk, leading to a withdrawal from less favored fields like onshore Nigeria,” he said.
He added that frequent regulatory changes and lack of transparency like the delayed passage of Nigeria’s Petroleum Industry Bill , create uncertainty and deter investment in M&A activities. The high cost of energy continues to take its toll on businesses in the form of high production cost, with two companies spendingStakeholders in the Nigerian financial sector have urged the federal government to reconsider the imposition of 50 per cent tax o
Shareholders of TotalEnergies Marketing Nigeria Plc on Friday unanimously approved a total of N8.49 billion in the final dividend proposed by the company’s Board of Directors for the financial year ended Dec. 31, 2023. The shareholders gave their approval at the 46th Annual General Meeting of the energy firm held in Lagos. In his…
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