Outlook for Nigeria's Upstream Oil, Gas Sector Positive for 2023 - Report THISDAYLIVE: Nigeria
Resumption of operations at onshore export terminals at the end of 2022 coupled with fresh offshore drilling activity have turned the outlook positive for 2023, according to a new report by investment research firm Hawilti.
The company estimated that Nigeria's onshore production stood at only some 400,000 bpd last year, against more than 725,000 bpd in 2020. Its initial analysis forecast a strong but not full recovery of onshore production in 2023, although it noted an uptick in drilling activity from a wide range of onshore operators.
These new entrants, it said, will seek to make the best of their new three-year licenses to start producing as soon as possible, providing they can secure the funding and technical expertise to redevelop their assets. "The market is witnessing a strong appetite for additional storage capacity and refining infrastructure from both large and marginal fields operators," Hawilti said.
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