Divestment Won't Hinder Nigeria's Oil Sector Growth

Dr. Obinna Ezeobi, Managing Director of Renaissance Energy, asserted that the ongoing divestment by international oil companies (IOCs) will not adversely affect Nigeria's oil and gas sector.

He predicts that indigenous oil and gas operators will consolidate strategically over the next decade, forming consortiums to leverage emerging opportunities. Ezeobi highlighted that indigenous companies currently produce 50% of Nigeria's crude oil and are expected to continue their growth trajectory.

He noted the successful acquisition of operational fields by local companies, which demonstrates their capacity to manage and operate effectively. Engr.

Attah, a former Managing Director of Nigeria LNG Limited, emphasized the importance of collaboration among indigenous players to navigate funding challenges. The discussion took place during a lecture at the Nigerian Content Academy, where Ms.

Dori Opuwari pointed out that funding constraints remain a barrier to growth among indigenous players in the industry.