Nigeria's offshore oil fields draw fresh billions after decade-long drought - Businessday NG

…700,000 bpd oil output expected

…Execution risk is the biggest threat -Wood Mackenzie

For more than ten years, Nigeria’s deepwater oil fields sat largely untouched by the world’s biggest energy companies, starved of the investment that once made the country a magnet for offshore drilling.

That drought is now easing, as a wave of project approvals and asset deals signals renewed appetite from Shell Plc, Exxon Mobil Corp., Eni SpA and TotalEnergies SE for some of Africa’s most prized offshore acreage.

The shift follows a sweeping set of fiscal reforms by President Bola Tinubu’s government, which is racing to hit targets of three million barrels a day of oil output and 12 billion cubic feet a day of gas production by the end of the decade.