Igiehon blames poor investment for Nigeria’s low oil production

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Oil Production أخبار

Osayande Igiehon

Nigeria's potential to ramp up its crude oil production to 2.5 million barrels per day (bpd) is being hampered by a significant lack

Nigeria's potential to ramp up its crude oil production to 2.5 million barrels per day is being hampered by a significant lack of investment and security, the Executive Director of Heir Energies, Osayande Igiehon, has said. Although Nigeria has about 37 billion barrels of crude oil reserves, the country’s current production hovers around 1.3…Nigeria’s potential to ramp up its crude oil production to 2.

Speaking in an interview with Financial Times, Igiehon stressed that the ongoing shift in Nigeria’s oil industry landscape, where multinational oil companies are increasingly divesting their onshore assets to focus on deepwater operations is paving the way for independent and indigenous oil producers to take on a more prominent role in the sector.

According to him, by the end of the decade, it is expected that most onshore operations will be managed by indigenous companies rather than IOCs. He said tariffs and other challenges have created an environment that stifles investment in the oil sector, stressing that without substantial financial commitment increasing production capacity would remain a distant goal. Igiehon also said the global push for energy transition has made securing financing for oil and gas projects more challenging.

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