The recently concluded acquisition by Oando Plc., of ConocoPhillips upstream oil and gas interests and assets hints at the emerging reality of the changing ownership structure in Nigeria’s oil and gas industry. Over the last couple of years, the Nigerian oil and gas industry which had been long dominated by three International Oil Companies (IOCs) has witnessed more acquisition by homegrown players resulting in increased production levels from them. The acquired ConocoPhillips fields produced about 43,000 barrels of oil per day (bpd) in 2013 and have proven reserves of 213 million barrels. It is reported that Oando’s new acquisition is expected to boost its oil production to about 50,000 bpd from about 5,000 bpd.
