INDIGENOUS OPERATORS SEEK FRESH INVESTMENT TO REVIVE AGEING OILFIELDS

Indigenous oil and gas operators have called for increased investment to revive ageing oilfields and boost Nigeria’s crude production capacity.

Speaking at an industry forum, operators highlighted the need for fresh capital, advanced technology, and supportive policies to enhance recovery rates from mature fields. They noted that many of these assets still hold significant untapped reserves that could contribute meaningfully to national output if properly developed.

The operators emphasised that attracting investment would not only increase production but also create jobs and support the government’s revenue diversification goals. They urged the Federal Government to provide incentives such as tax reliefs and streamlined regulatory processes to make marginal fields more attractive to investors.

Stakeholders agreed that a collaborative approach involving indigenous players, international oil companies, and the government is essential for revitalising the sector. Experts believe that successful revival of ageing fields could help Nigeria meet its production targets and strengthen its position in the global energy market.

The call comes as the country continues to explore ways to maximise the benefits of its hydrocarbon resources while navigating energy transition challenges.