Nigeria: Oil giants make billion-dollar deepwater bets after onshore divestment wave

AI Summary

Major international oil companies are increasing investments in Nigeria’s deepwater oil sector following regulatory updates and fiscal incentives. This shift comes after divestments from onshore resources, targeting untapped offshore reserves worth billions of barrels.

International oil majors are pivoting back to Nigeria’s deep offshore, drawn by a revamped regulatory framework, new fiscal incentives and the prospect of billions of barrels in untapped resources.