The decision of ExxonMobil to invest $1.5 billion in deepwater oil projects in Africa’s biggest oil-producing country is expected to unlock at least 510,000 barrels per day (bpd), BusinessDay’s findings have revealed.
Nigeria, which has struggled with declining oil output due to underinvestment, pipeline vandalism and regulatory uncertainties, sees this investment as a game-changer.
The country’s oil production has fallen below 1.4 million bpd in recent years, far short of its Organisation of the Petroleum Exporting Countries (OPEC)’s quo
