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Nigeria offers 40 oil blocks. Who funds production?

Oil rig. Photo by Saul Bandera Brotheridge @ Pexels
Offshore oil rig. Photo by Saul Bandera Brotheridge @ Pexels

Vincent Nwanma

Vincent Nwanma is a seasoned analyst, columnist, and reporter with over 30 years of experience in business and economics journalism across Nigeria and Africa.
  • Nigeria offers 40 oil blocks while 788,000 barrels daily remain shut in.
  • Offshore projects worth up to $50bn face a critical investment test.

 

ABUJA, NIGERIA — Nigeria is offering 40 oil and gas blocks, but its bigger challenge is financing existing discoveries and restoring hundreds of thousands of idle barrels.

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