In Nigeria, the oil sector is regaining importance, while gains made in the non-oil sector are fading. Recent figures from the Organization of the Petroleum Exporting Countries (OPEC) highlight a recovery in the oil sector, with an increase in the number of drilling platforms, recovery at several oil terminals, the opening of new wells stable oil and export prices.
Between June and October 2023, the average number of drilling platforms in Nigeria increased from 9 to 15, an increase of 62% compared to the same period in 2022. This significant increase is partly explained by the positive response from investors in Nigeria after the implementation of the Petroleum Industry Act.
The country has also seen a sharp increase in its oil production, from an average of less than one million barrels per day in 2022 to 1.45 million barrels per day in October 2023. If we include the condensate, Nigeria’s total oil production exceeds 1.6 million barrels per day.
These encouraging figures are notably supported by the resumption of production and export of Nembe crude oil by the NNPC/Aiteo joint venture. Two cargoes of 950,000 barrels each of Nembe crude oil have already been exported to France and the Netherlands.
Europe has also become increasingly dependent on Nigerian exports to make up for shortfalls caused by the ban on Russian oil. Nigerian oil exports to Europe increased from 678,000 barrels per day to 730,000 barrels per day this year. Grades of Nigerian oil, such as Forcados Blend, Escravos Light, Bonga and Egina, have become very popular with European refineries.
However, despite this recovery in the oil sector, industry experts still see a trend of disinvestment by international companies operating in Nigeria. This situation highlights the importance for the country to diversify its economy and not depend solely on the oil sector.
In conclusion, although the oil sector in Nigeria is currently experiencing some recovery and plays a crucial role in the country’s economy, it is important not to lose sight of the importance of economic diversification to ensure long-term stability .