The fourth quarter of 2025 marked a defining period for Nigeria’s energy sector, shaped by upstream portfolio realignments, deeper implementation of the Petroleum Industry Act (PIA), and tangible progress in the country’s energy transition. Developments during the quarter underscored a sector navigating structural change while consolidating operational stability.
A key highlight of the quarter was the completion of TotalEnergies’ divestment of its 12.5 per cent non-operated interest in Oil Mining Lease 118, which is home to the Bonga deepwater field, for approximately USD 510 million. The acquisition by Shell Nigeria Exploration and Production Company (SNEPCo) and Nigerian Agip Exploration Limited reinforced the accelerating exit of international oil companies from mature and non-operated assets.
Nigeria sustained crude oil production at approximately 1.7 million barrels per day during the quarter, supported by improved security conditions, reduced pipeline disruptions, and ongoing upstream investments across the Niger Delta. This production stability provided a stronger foundation for regulatory reforms and investment focused initiatives under the PIA.