The landscape of Nigeria's oil and gas sector continues to unfold with pivotal transformations. Aided by the foundations laid in 2023, the sector is poised for significant leaps across its diverse segments. Some prominent themes emerge, each holding the potential to shape the sector's trajectory. First, the return of refining activity takes centre stage, propelled by the operational debut of the Dangote Refinery and the rejuvenation of the PortHacourt Refinery. Second, a strategic focus on elevating crude oil output, as outlined in the government's 2024 budget, signals a concerted effort to surpass OPEC quotas. This endeavour is reinforced by intensified security measures around onshore pipelines and increased investments in offshore assets. Elsewhere, the inauguration of Optimera Energy at the Lagos Free Zone and the ANOH gas plant by Seplat Energy Plc promises to redefine the nation's energy landscape, reducing carbon intensity and amplifying domestic energy supply. Meanwhile, the downstream arena faces a nuanced landscape, with potential shifts occasioned by the partial removal of fuel subsidies influencing the margin dynamics for energy marketers.
