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.
IN the face of rising costs, low sales and worsening business confidence, stakeholders are calling for urgent actions to raise the bar of industrialisation, TOBI AWODIPE writes. Business activities in the private sector are off to a poor start in the second half of the year, showing a contraction in key indices. A recent purchasing managers’ index revealed…
Stakeholders have called for the creation of Special Economic Zones , saying they drive industrialisation, anchor economic growth and facilitate trade. Speaking on the sidelines of the just concluded SADC Industrialisation Week and Exhibition, Director of the Economic Commission for Africa Sub-Regional Office, Eunice Kamwendo, highlighted that SEZs are an important policy tool to support…
•Bitcoin falls below $50,00 amid crpto bloodbath The emerging global turmoil manifesting in risky asset sell-off is causing jitters across emerging markets, including Nigeria, where banks are bracing up to raise about N4 trillion in the next two years to increase their minimum paid-up capital. The week opened with a bloodbath across regions and asset…The generation born between 1997 and 2012 has fully come into adulthood with a lot of potential in the workplace.