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Nigeria’s oil and gas sector has undergone significant changes in recent years, driven by a surge in divestments by international energy majors. Global players are rebalancing their portfolios in response to shifting market trends, environmental pressures, and strategic realignments.
Introduction
Nigeria’s oil and gas sector has undergone significant changes in recent years, driven by a surge in divestments by international energy majors. Global players are rebalancing their portfolios in response to shifting market trends, environmental pressures, and strategic realignments. This trend is exemplified by notable deals, including Seplat's acquisition of Exxon Mobil’s assets, Oando Plc’s takeover of Nigerian Agip Oil Company (NAOC) and just recently the acquisition of Shell Petroleum Development Company’s (SPDC) onshore subsidiary by the Renaissance Africa Energy Company Limited (a consortium of four Nigerian E & P companies consisting of Aradel Holdings, First E & P Limited, Waltersmith Group and ND Western) in a $2.4 billion landmark deal. These transactions highlight the industry’s evolution, as local companies increasingly assume roles previously held by International Oil Companies (IOCs), reshaping the sector’s landscape.
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