Nigeria’s offshore oil sector is attracting significant new investment after more than a decade of stagnation, with major energy companies committing billions to deepwater fields that had previously been neglected.
The influx of capital aims to unlock production potential in the West African nation’s offshore basins, reversing a long period of underinvestment that constrained output growth.
56 million barrels per day (mbpd) in June, marking the highest level since April 2020.
The development coincides with a tangible recovery in crude production.
Nigeria’s output reached 1.56 million barrels per day (mbpd) in June, marking the highest level since April 2020.
This follows a steady increase in both May and June, according to data published by OPEC and surveys obtained by Reuters.
The production uptick suggests that recent operational improvements and security measures are beginning to stabilize the upstream sector.