Post #394

The Glass Is Half Full🥛 Nigeria recovers a share of its oil 🌐 An association of Nigerian oil producers claims that more than half of Nigeria’s crude oil is now produced by indigenous companies. ⏩ Although no specific sources are provided for the estimates, the transfer of part of the oil sector into the hands of local producers is a well-known recent trend in the country. 🔸 In general, major foreign firms began selling their Nigerian assets around 2010, but in 2024–2025 the process intensified. The main pretext was oil theft and pipeline vandalism. Eni, ExxonMobil, Shell, and TotalEnergies all said farewell to some of their assets. 🔸 There was, however, a more important factor behind their exodus: as if by surprise, many of the departing companies had with unpaid, multimillion-dollar obligations to local communities for endless oil spills and environmental damage, which even attracted the attention of the UN. ⏩ So alongside the positive trend, there is another side: the assets are extremely old, requiring modernization, while new owners just cannot afford to clean up the environmental damage left behind by the majors. ➡️ Follow to stay informed - @devilsbelow