Rising operational expenses and persistent insecurity in oil-producing regions have reportedly slashed profit margins for some operators to as low as $7 per barrel, industry stakeholders say.
Energy analysts note that crude oil theft, pipeline vandalism, and the cost of maintaining security infrastructure have significantly raised production costs. Companies are also grappling with aging facilities, higher insurance premiums, and foreign exchange pressures, all of which erode profitability despite relatively stable global oil prices.
Industry groups warn that unless security improves and infrastructure is modernized, Nigeria risks losing further investment to more stable oil-producing countries. They are calling for coordinated action between government security agencies, host communities, and regulatory bodies to protect assets and restore investor confidence.
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