The divestment campaign by the Majors in Nigeria has created a pool of Nigerian-focused Independents. Incumbents like Amni plus new players like Seplat and First E&P have been active on the M&A front since 2014. But despite the growing pool of independents, their net output is still around 15% of Nigeria’s total production. As the Majors continue to reduce their footprint, we see several attractive opportunities not only in the onshore but shallow water sectors. But will the lingering challenges like limited operational capability and financing continue to constrain the growth trajectory of the independents?

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