Oil and gas investment in Nigeria, Africa’s biggest producer, has fallen to a record low, even as the country’s production outlook has not appeared as uncertain as it does now, Renaissance Capital Limited said on Wednesday.
RenCap said since the start-up of Egina deepwater project in late 2018, only one or two new oil projects had come on stream. According to the report, to some extent, the under-investment theme is consistent with other hydrocarbon provinces , due to oil and gas financing drying up globally and societal pressures towards decarbonisation driving the investment budgets of the majors and E&Ps alike.