• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria’s oil and gas sector hit by $21 billion in divestments

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
72
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s oil and gas sector hit by $21 billion in divestments

The oil and gas production in Nigeria is being severely impacted by the Western ESG strategies that are forcing IOCs to reconsider their upstream and downstream operations worldwide, resulting in major reshuffling and divestments of assets. Nigeria, one of OPEC’s leading oil producers, has already seen $21 billion worth of assets divested, putting its future in jeopardy. In contrast to Western NGO’s strategies, NGOs in Nigeria, such as “We, the People,” are calling for a government moratorium to prevent further divestments in the Niger Delta.

The NGO is concerned that if oil companies are allowed to divest without cleaning up the entire Niger Delta region, the environmental issues in the area will never be addressed. Despite the ongoing divestments, African nations, including Nigeria, need to be given time to transition to using gas as their transition fuel, according to Ainojie Alex Irune, CEO of Oando Energy Resources. More investments and production are needed to counter expected demand growth in the future on the continent. In addition, NJ Ayuk, Executive Chairman of Africa Energy Chamber, believes that the continent needs to leverage its immediate resources to eliminate energy poverty, as Africa is a gas continent.

The regulatory uncertainty of Nigeria’s oil and gas sector prior to the enactment of the Petroleum Industry Act 2021 and ESG-related fossil fuel divestment schemes forced by energy transition and COVID-19 are the main reasons for the divestments, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Nigeria’s yearly capital expenditure in the upstream arm of the oil sector decreased by over 70% within a period of eight years. The country’s total annual upstream capital expenditure decreased by 74% from $27 billion in 2014 to less than $6 billion in 2022, and competition from regional peers has led to a decrease in the proportion of the overall upstream investment attracted by Nigeria.

However, there is still hope, as Nigeria is showing increased natural gas reserves and oil reserves in the short term. The NUPRC has reported that Nigeria’s oil and condensate reserves are 31.060 billion barrels for oil and 5.906 billion barrels for condensate. Associated gas reserves are 102.32 trillion cubic feet, non-associated gas reserves are 106.51 trillion cubic feet.

 

The future of Nigeria and Sub-Saharan Africa is at stake, and according to a growing amount of Southern leaders and analysts, it is time to reassess strategies and policies pushed by the North without delay. The divestment strategies being pushed by Western climate change and IPCC/IEA reports are not only controversial but now counterproductive for most developing countries.

RelatedPosts

Top 10 African Countries With the Strongest Currencies in August 2025

How Crypto Engagement is Finding a Place in Everyday African Life

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Tags: Nigeria's oil and gas sector hit by $21 billion in divestmentsNigeria’s oil and gas sector
No Result
View All Result

Highlights

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

Trending

Business

Top 10 African Countries With the Strongest Currencies in August 2025

August 30, 2025

Top 10 African Countries With the Strongest Currencies in August 2025 In an interconnected world where economies...

How Crypto Engagement is Finding a Place in Everyday African Life

August 30, 2025

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.