In the oil and gas business, cash isn’t just king; it’s survival. The industry is one of the most capital-intensive in the world, requiring billions for exploration, drilling, production, and maintenance. Access to liquidity determines who can endure market shocks, finance new projects, and ultimately stay in business.
A glance at the financial statements of Nigeria’s listed upstream oil companies reveals just how cash-hungry this business is. Most operators rely heavily on bank borrowings to fund exploration and maintain production faciliti
