According to the Federal Government, between 2014 and 2022, the majority of foreign oil corporations that work in Nigeria’s upstream sector diverted capital investments totaling around $21 billion to other nations.
The de-funding of fossil fuel development brought on by the energy transition and COVID-19, as well as the regulatory uncertainties in Nigeria’s oil and gas sector prior to the passage of the Petroleum Industry Act 2021, were cited as causes.
At the recently concluded Nigeria International Energy Summit, the government made this announcement in Abuja via the Nigerian Upstream Petroleum Regulatory Commission.
