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Nigeria gears up for roadshow to lure back oil majors to onshore drilling

Nigeria is gearing up to host a specialised oil and gas roadshow aimed at enticing back international energy companies that previously withdrew from its onshore sector, a senior government official announced on Monday. Following the departure of major players like Shell and Exxon, who shifted focus to deep offshore exploration, Nigeria has faced challenges in boosting onshore production, crucial for its status as Africa’s leading oil exporter.

Felix Omatsola Ogbe, Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), revealed plans to meet with President Bola Tinubu’s energy advisor to strategise the roadshow. The initiative intends to engage countries where these departed companies are headquartered, encouraging them to reconsider investments in Nigeria. Details on how Nigeria plans to persuade these companies were not disclosed during Ogbe’s address at an oil and gas conference in Abuja.

Shell’s decision earlier this year to divest from Nigeria’s onshore oil sector, following similar moves by Exxon, Eni, Equinor, and Addax, underscores ongoing concerns over security challenges in the Niger Delta. Issues such as pipeline vandalism, crude oil theft, and recent legislative changes affecting fiscal terms in the sector continue to pose significant hurdles for oil firms operating in Nigeria.

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