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Message: [QUOTE="Munyaradzi Mafaro, post: 80941, member: 636"] Nigeria's downstream oil sector is weirdly stable now, with full stations and falling prices. This follows the chaos after fuel subsidies were removed, with market forces under the Petroleum Industry Act taking over. Minister of State for Petroleum Resources Heineken Lokpobiri avoided interfering, letting commercial decisions rule. The result was a quiet holiday season with no lines, and prices varying by station from around 999 to 1020 naira per liter. Major factors include the huge Dangote Refinery operating near capacity and other modular plants like Ebenco coming online, creating competition. This refining boom has even turned Nigeria into a fuel exporter. Lokpobiri actively pushed for more local refining to lower prices and create jobs, visiting sites and urging illegal operators to formalize. Upstream production also jumped, from historic lows to roughly 1.8 million barrels daily. This came from reopening shut-in wells, new field approvals, and successful handovers of major assets from international companies like Shell and ExxonMobil to local firms such as Seplat. These divestments raised indigenous control and attracted billions in investment. Improved security in the Niger Delta, through engagement with communities and security forces, sharply reduced theft and vandalism. The government also backed an African Energy Bank to fund hydrocarbon projects after international finance dried up. New infrastructure, like the indigenous Otakikpo export terminal, helps evacuate crude from stranded fields. The national oil company posted massive profits. With all this, the ministry is eyeing a production target of 2.5 million barrels per day, banking on continued market deregulation and local industry growth to keep the sector stable. [/QUOTE]

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