Independents facing uncertain future

Provisions: Nigerian President goodluck Jonathan

AFP/SCANPIX

By Barry Morgan London

 16 August 2012 22:59 GMT

SEVERAL hundred indigenous independent upstream-oriented companies have emerged in Nigeria since the first trickle of awards came through in the late 1970s and 1980s.

Many of these were merely briefcase companies set up by individuals of varying integrity to diversify their holdings into an industry accounting for 95% of Nigeria’s foreign exchange earnings.

The best-intentioned of the oldest entrants remain modest producers such as Dubri Oil, currently pumping about 1000 barrels per day, while the majority of opportunists are largely forgotten.

Mohammed Indimi’s Oriental Energy Resources produces about 35,000 barrels per day from three offshore assets while Yinka Folawiyo has become a respected force among producing indies. Conoil’s Mike Adenuga continues to haunt the headlines for reasons…

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